William R. Day

Name: Burlingham v. Crouse — Opinion of the Court
Author: William R. Day

Burlingham v. Crouse — Opinion of the Court

Summary

“Burlingham v. Crouse — Opinion of the Court”, is a work by William R. Day. It explores elements such as policy, surrender and insurance.

Quotes from Burlingham v. Crouse — Opinion of the Court (William R. Day)

William R. Day, Burlingham v. Crouse — Opinion of the Court

“ It is the twofold purpose of the bankruptcy act to convert the estate of the bankrupt into cash and distribute it among creditors, and then to give the bankrupt a fresh start with such exemptions and rights as the statute left untouched. In the light of this policy the act must be construed. We think it was the purpose of Congress to pass to the trustee that sum which was available to the bankrupt at the time of bankruptcy as a cash asset; otherwise to leave to the insured the benefit of his life insurance. ”

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Source: Wikisource

William R. Day, Burlingham v. Crouse — Opinion of the Court

“ Though this excess of premiums paid is legally the sole property of the company, still in practical effect, though not in law, it is moneys of the assured, deposited with the company in advance, to make up the deficiency in later premiums to cover the annual cost of insurance, instead of being retained by the assured, and paid by him to the company in the shape of greatly-increased premiums, when the risk is greatest. It is the 'net reserve' required by law to be kept by the company for the benefit of the assured, and to be maintained to the credit of the policy. ”

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Source: Wikisource

William R. Day, Burlingham v. Crouse — Opinion of the Court

“ Life insurance may be given in a contract providing simply for payment of premiums on a calculated basis which accumulates no surplus for the holder. Such insurance has no surrender value. Policies, whether payable at the end of a term of years or at death, may be issued upon a basis of calculation which accumulates a net reserve in favor of the policy holder, and which forms a consequent basis for the surrender of the policy by the insured, with advantage to the company upon the payment of a part of this accumulated reserve. ”

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Source: Wikisource

William R. Day, Burlingham v. Crouse — Opinion of the Court

“ Provided, that when any bankrupt shall have any insurance policy, which has a cash surrender value payable to himself, his estate, or personal representatives, he may, within thirty days after the cash surrender value has been ascertained and stated to the trustee by the company issuing the same, pay or secure to the trustee the sum so ascertained and stated, and continue to hold, own, and carry such policy free from the claims of the creditors participating in the distribution of his estate under the bankruptcy proceedings ”

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Source: Wikisource

William R. Day, Burlingham v. Crouse — Opinion of the Court

“ It appears that on the 10th of April, 1902, Thomas A. McIntyre obtained two policies of life insurance in the Equitable Society. They were known as 'guaranteed cash-value, limited payment, life policies,' each providing that upon the death of the insured the company would pay to his executors, administrators, or assigns the sum of $100,000 in fifty annual instalments, or the sum of $53,000 in cash, a total of $106,000 for the two policies. ”

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Source: Wikisource

William R. Day, Burlingham v. Crouse — Opinion of the Court

“ Legislatures of some of the states have provided that policies of insurance shall be exempt from liability for debt, and in many states provision is made for the protection from such liability of policies in favor of those dependent upon the insured. ”

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Source: Wikisource

William R. Day, Burlingham v. Crouse — Opinion of the Court

“ On April 14, 1906, the policies were assigned absolutely to the firm of T. A. McIntyre & Company, and on April 24, 1907, they were by that firm assigned to the Equitable Society as collateral security for a loan of $15,370. ”

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Source: Wikisource

William R. Day, Burlingham v. Crouse — Opinion of the Court

“ A petition in involuntary bankruptcy was filed against McIntyre & Company and its individual members on April 25, 1908, and on May 9, 1908, the defendant Crouse paid the premiums on the policies, in the sum of $6,078.38. McIntyre & Company and the individual members thereof were adjudged involuntary bankrupts on May 21, 1908, and the trustees were elected on the 24th of July, 1908. On the 29th of July, 1908, Thomas A. McIntyre died, and the policies became payable. ”

William R. Day

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