1918. In error to the Supreme Court of the State of Minnesota. For opinion below, see 133 Minn. 460, 157 N. W. 638. Mr. Harlan E. Leach, of Owatonna, Minn., for plaintiff in error. Mr. McNeil V. Seymour, of St. Paul, Minn., for defendant in error. Dismissed with costs pursuant to the tenth rule. No. 320. ILLINOIS CENTRAL RAIL ROAD COMPANY, plaintiff in error, v. Mrs. Marshal LANIS, administratrix of Marshal Lanis, deceased. March 18, 1918. In error to the Supreme Court of the State of Louisiana. For opinion below, see 140 La. 1, 72 South. 788. Messrs. Gustave Lemle, of New Orleans, La., and Robert V. Fletcher, of Chicago, Ill. (Messrs. Blewett Lee, of Chicago, Ill., and Hunter C. Leake, of New Orleans, La., of counsel), for plaintiff in error. Mr. Girault Farrar, of New Orleans, La., for defendant in error. PER CURIAM. Judgment affirmed with costs upon the authority of Misouri, Kansas & Texas Ry. Co. v. Wulf, 226 U. S. 570, 576, 33 Sup. Ct. 135, 57 L. Ed. 355, Ann. Cas. 1914B, 134; Illinois Surety Co. v. United States, 240 U. S. 214, 221, 36 Sup. Ct. 321, 60 L. Ed. 609; Seaboard Air Line Ry. v. Renn, 241 U. S. 290, 293-294, 36 Sup. Ct. 567, 60 L. Ed. 1006. No. 810. Edward Jefferson BRYAN, plaintiff in error, v. LOUISVILLE & NASHVILLE RAILROAD COMPANY. March 18, 1918. In error to the United States Circuit Court of Appeals for the Eighth Circuit. For opinion below, see 244 Fed. 650. Messrs. S. Mayner Wallace and Shepard Barclay, both of St. Louis, Mo., for plaintiff in error. Messrs. Henry L. Stone, of Louisville, Ky., Harold R. Small, of St. Louis, Mo., and Edward S. Jouett, of Louisville, Ky., for defendant in error. PER CURIAM. Dismissed for want of jurisdiction upon the authority of Bagley v. General Fire Extinguisher Co., 212 U. S. 477, 29 Sup. Ct. 341, 53 L. Ed. 605; Merriam Co. v. Syndicate Publishing Co., 237 U. S. 618, 35 Sup. Ct. 708, 59 L. Ed. 1148; Shulthis v. McDougal, 225 U. S. 561, 32 Sup. Ct. 704, 56 L. Ed. 1205; Hull v. Burr, 234 Û. S. 712, 720, 34 Sup. Ct. 892, 58 L. Ed. 1557; Norton v. Whiteside, 239 U. S. 144, 146-147, 36 Sup. Ct. 97, 60 L. Ed. 186. Petition for writ of certiorari denied. No. 857. John Fair NEW, petitioner, v. The UNITED STATES of America. March 18, 1918. For opinion below, see 245 Fed. 710. Messrs. Reisner & Honey and R. E. Ragland, both of San Francisco, Cal., for petitioner. Mr. John W. Davis, Sol. Gen., of Washington, D. C., and Mr. William C. Fitts, Asst. Atty. Gen., for the United States. Petition for a writ of certiorari to the United States Circuit Court of Appeals for the Ninth Circuit denied. No. 858. Rhodes E. CAVE et al., plaintiffs in error, v. STATE OF MISSOURI ex rel. James P. NEWELL. March 18, 1918. In error to the Supreme Court of the State of Missouri. For opinion below, see 199 S. W. 1014. Messrs. Elliott W. Major, of St. Louis, Mo., Charles G. Revelle, of Jefferson City, Mo., and Selden P. Spencer and George B. Webster, both of St. Louis, Mo., for plaintiffs in error. Messrs. Frank H. Sullivan, of St. Louis, Mo., and Geo. F. Haid, of University City, Mo. (Messrs. Jones, Hocker, Sullivan & Angert, P. T. Barrett, and M. B. Levy, all of St. Louis, Mo., of counsel), for defendant in error. PER CURIAM. Dismissed for want of jurisdiction upon the authority of: (1) Section 237, Judicial Code (Act March 3, 1911, c. 231, 36 Stat. 1156), as amended by the act of Congress of September 6, 1916. c. 448, § 2, 39 Stat. 726 (Comp. St. 1916, § 1214); Philadelphia & Reading Coal & Iron Co. v. Gilbert, 245 U. S. 162, 38 Sup. Ct. 58, 62 L. Ed. (2) Wilson v. North Carolina, 169 U. S. 586, 592, 18 Sup. Ct. 435, 42 L. Ed. 865; Taylor & Marshall v. Beckham, 178 U. S. 548, 576, 20 Sup. Ct. 890, 1009, 44 L. Ed. 1187. Mrs. Virginia A. GRAFTON. March 18, 1918. No. 879. H. P. MEIKLEHAM, petitioner, v. For opinion below, see 246 Fed. 737. Messrs. Nathan Harris, of Rome, Ga., and Arthur G. Powell and Robert C. Alston, both of Atlanta, Ga., for petitioner. Messrs. Geo. E. Maddox, R. A. Denny and J. E. Dean, all of Rome, Ga., for respondent. Petition for a writ of certiorari to the United States Circuit Court of Appeals for the Fifth Circuit denied. No. 880. John PATERLINI et al., petitioners, v. MEMORIAL HOSPITAL ASSOCIATION OF MONONGAHELA CITY, PA., et al. March 18, 1918. For opinion below, see 247 Fed. 639. Mr. A. O. Fording, of Pittsburgh, Pa., for plaintiffs in error. Messrs. McIlvain, Murphy, Day & Witherspoon, and Carl E. Gibson, all of Monongahela, Pa., for defendants in error. Petition for a writ of certiorari to the United States Circuit Court of Appeals for the Third Circuit denied. No. 882. UPPER HUDSON STONE COMPANY, petitioner, v. Joseph Leslie WHITE et al. March 18, 1918. For opinion below. see 248 Fed. 893. Mr. Francis Martin, of New York City, for petitioner. Mr. Mark Ash, of New York City, for respondents. Petition for a writ of certiorari to the United States Circuit Court of Appeals for the Second Circuit denied. No. 884. Judson HARMON et al., receivers, etc., petitioners, v. Lucinda BARBER, administratrix. March 18, 1918. For opinion below, see 247 Fed. 1. Messrs. Morison R. Waite, and John Randolph Schindel, both of Cincinnati, Ohio, for petitioners. Mr. C. B. Matthews, of Cincinnati, Ohio, for respondent. Petition for a writ of certiorari to the United States Circuit Court of Appeals for the Sixth Circuit denied. No. 888. Armanis F. KNOTTS, petitioner, 5. CLARK CONSTRUCTION COMPANY. March 18, 1918. For opinion below, see 249 Fed. 181. Mr. William J. Whinery, of Hammond, Ind., for petitioner. Messrs. Henry H. Kennedy, Joseph W. Moses, Julius Moses, Hamilton Moses, Walter Bachrach, and S. Sidney Stein, all of Chicago, Ill., for respondent. Petition for a writ of certiorari to the United States Circuit Court of Appeals for the Seventh Circuit denied. No. 889. James ALLEN, petitioner, v. CHICAGO & ALTON RAILROAD COMPANY. March 18. 1918. For opinion below, see 249 Fed. 280. Mr. George Cole Otto, of Chicago, Ill., for petitioner. Messrs. Silas H. Strawn and Edward W. Everett, both of Chicago, Ill., for respondent. Petition for a writ of certiorari to the United States Circuit Court of Appeals for the Seventh Circuit denied. No. 907. L. B. BEARD et al., petitioners, v. Horace L. PAYNE et al. March 18, 1918. For opinion below, see 247_Fed. 247. Messrs. Nathan A. Gibson, Joseph L. Hull. Thomas L. Gibson, George W. Leopold, Arthur G. Cochran, Ezra Brainerd, Jr., William Hatch Davis, and John Fred Brett, all of Muskogee, Okl.. for petitioners. Messrs. Geo. S. Ramsey, of Muskogee, Okl., O. H. Hoss, of Nevada, Mo., Edgar A. de Meules, of Tulsa, Okl., Malcolm E. Rosser, of Muskogee, Okl., Villard Martin, of Tulsa, Okl., and J. Berry King, of Tahlequah, Okl., for respondent. Petition for a writ of certiorari to the United States Circuit Court of Appeals for the Eighth Circuit denied. No. 911. Ed SPEAR, petitioner, v. UNITED STATES of America. March 18, 1918. For opinion below, see 246 Fed. 250. Messrs. S. W. Fordyce, Jr., and Truman Post Young, both of St. Louis, Mo., for petitioner. Mr. John W. Davis, Sol. Gen., of Washington, D. C., and Mr. William C. Fitts, Asst. Atty. Gen., for the United States. Petition for a writ of certiorari to the United States Circuit Court of Appeals for the Eighth Circuit denied. No. 779. OREGON-WASHINGTON RAILROAD and NAVIGATION COMPANY, plaintiff in error, v. THURSTON COUNTY, State of Washington, et al. March 20, 1918. In error to the Supreme Court of the State of Washington. For opinion below, see 167 Pac. 930. Dismissed with costs on motion of counsel for the plaintiff in error. No. 806. NAVY YARD ROUTE, plaintiff in error, v. H. E. DEVLIN. March 21, 1918. In error to the District Court of the United States for the Western District of Washington. Dismissed, per stipulation. No. 746. James HALLAGAN et al., plaintiffs in error, v. Simeon A. DOWELL. March State of Iowa. For opinion below, see 161 N. 22, 1918. In error to the Supreme Court of the counsel for the plaintiffs in error. W. 177. Dismissed with costs, on motion of No. 115. The GRAND TRUNK WESTERN RAILWAY COMPANY, appellant, v. The UNITED STATES. March 25, 1918. Appeal from the Court of Claims. Mr. L. T. Michener, of Washington, D. C., for appellant. The Attorney General, for the United States. PER CURIAM. Dismissed for want of jurisdiction upon the authority of section 242, Judicial Code (Act March 3, 1911, c. 231, 36 Stat. 1157 [Comp. St. 1916, § 1219]). No. 203. BALTIMORE & OHIO RAILROAD COMPANY, plaintiff in error, v. James H. SMITH. March 25, 1918. In error to the Court of Appeals of the State of Kentucky. For opinion below, see 169 Ky. 593, 184 S. W. 1108. Messrs. Charles H. Gibson and Wm. W. Crawford, both of Louisville, Ky., for plaintiff in error. PER CURIAM. Judgment affirmed with costs upon the authority of: 1. Missouri, Kansas & Texas Ry. Co. v. Wulf, 226 U. S. 570, 576, 33 Sup. Ct. 135. 57 L. Ed. 355, Ann. Cas. 1914B, 134; Illinois Surety Co. v. United States, 240 U. S. 214, 221. 36 Sup. Ct. 321, 60 L. Ed. 609; Seaboard Air Line Ry. v. Renn, 241 U. S. 290, 293-294, 36 Sup. Ct. 567, 60 L. Ed. 1006. 2. Chicago Junction Ry. Co. v. King, 222 U S. 222, 32 Sup. Ct. 79, 56 L. Ed. 173; Seaboard Air Line Ry. Co. v. Padgett, 236 U. S. 668, 673, 35 Sup. Ct. 481, 59 L. Ed. 777; Seaboard Air Line Ry. v. Koennecke. 239 U. S. 352, 355, 36 Sup. Ct. 126, 60 L. Ed. 324; Great Northern Ry. Co. v. Knapp. 240 U. S. 464, 466, 36 Sup. Ct. 399, 60 L. Ed. 745; B. & O. R. R. Co. v. Whitacre, 242 U. S. 169, 37 Sup. Ct. 33, 61 L. Ed. 228. No. 228. Frank McKNIGHT, plaintiff in error, V. The STATE OF NEW MEXICO. March 25, 1918. In error to the Supreme Court of the State of New Mexico. For opinion below, see 21 N. M. 14, 153 Pac. 76. Mr. William A. Dunn, of Roswell, N. M., for plaintiff in error. PER CURIAM. Dismissed for want of jurisdiction upon the authority of McCorquodale v. Texas, 211 U. S. 432, 437, 29 Sup. Ct. 146, 53 L. Ed. 269; Forbes v. State Council of Virginia, 216 U. S. 396, 399, 30 Sup. Ct. 295, 54 L. Ed. 534; St Louis & San Francisco R. R. Co. v. Shepherd, 240 U. S. 240, 241, 36 Sup. Ct. 274, 60 L. Ed. 622; Bilby et al. v. Stewart et al. (decided March 4, 1918), 246 U. S. 255, 38 Sup. Ct. 264, 62 L. Ed. No. 232. H. A. MOSS and J. F. Bradford, plaintiffs in error, v. C. C. MOORE, Peter Martin, and H. D. Pillsbury March 25, 1918 In error to the Supreme Court of the State of California. Mr. A. E. Shaw, of San Francisco, Cal., for plaintiffs in error. Messrs. Burke Corbet, Julius Kahn, and Alfred Sutro, all of San Francisco, Cal., for defendants in error. PER CURIAM. Dismissed for want of jurisdiction upon the authority of Thomas v. Iowa, 209 U. S. 258, 28 Sup. Ct. 487, 52 L. Ed. 782; Appleby v. Buffalo, 221 U. S. 524, 529, 31 Sup. Ct. 699, 55 L. Ed. 838; Manhattan Life Ins. Co. v. Cohen, 234 U. S. 123, 134, 34 Sup. Ct. 874, 58 L. Ed. 1245. No. 728. Valentine T. COLLARD, administrator of the estate of Samuel T. Collard, deceased, plaintiff in error, v. PITTSBURGH, CINCINNATI, CHICAGO & ST. LOUIS RAILWAY COMPANY. March 25, 1918. In error ot the Court of Appeals of the State of Kentucky. For opinion below, see 185 S. W. 1108. PER CURIAM. Dismissed for want of jurisdiction upon the authority of: (1) Section 237, Judicial Code (Act March 3, 1911, c. 231, 36 Stat. 1156), as amended by the act of Congress of September 6, 1916, 39 Stat. 726, c. 448, 82 (Comp. St. 1916, § 1214). (2) Schlosser V. Hemphill, 198 U. S. 173, 25 Sup. Ct. 654, 49 L. Ed. 1000; Missouri & Kansas Interurban Ry. Co. v. Olathe, 222 U. S. 185, 32 Sup. Ct. 46, 56 L. Ed. 155; Louisiana Navigation Co. v. Oyster Commission of Louisiana, 226 U. S. 99, 33 Sup. Ct. 78, 57 L. Ed. 138. No. 863. Luis HULLER et al., plaintiffs in error, v. The STATE OF NEW MEXICO on the relation of the NORTHWESTERN COLONIZATION & IMPROVEMENT COMPANY, OF CHIHUAHUA, March 25, 1918. For opinion below, see 168 Pac. 528. Petition for a writ of certiorari to the Supreme Court of the State of New Mexico denied. No. 870. Frederic W. GOUDY, petitioner, v. Henry Alfred HANSEN, executor, etc., March 25, 1918. For opinion below, see 247 Fed. 782. Petition for a writ of certiorari to the United States Circuit Court of Appeals for the First Circuit denied. No. 871. GRAND LODGE OF FREE and ACCEPTED MASONS OF the STATE OF MISSISSIPPI et al., petitioners, v. VICKSBURG LODGE, NO. 26, OF FREE and AC No. 262. CHICAGO, BURLINGTON & QUINCY RAILROAD COMPANY et al., plaintiffs in error, v. ST. PAUL ASSOCIA TION OF COMMERCE et al. March 28, 1918. In error to the Supreme Court of the State of Minnesota. For opinion below, see 134 Minn. 217, 158 N. W. 982. Messrs. Asa G. Briggs and E. C. Lindley, both of St. Paul, Minn., W. H. Bremner, of Minneapolis, Minn., James J. Sheean and McNeil V. Seymour, both of St. Paul, Minn., Edward M. Hyzer and Carl C. Wright, both of Chicago, Ill., Charles W. Bunn and Charles Donnelly, both of St. Paul, Minn., and F. W. Root and Alfred H. Bright, both of Minneapolis, Minn., for plaintiffs in er ror. Mr. Thomas D. O'Brien, of St. Paul, Minn., for St. Paul Ass'n of Commerce. Dismissed with costs on motion of counsel for the plaintiffs in error. A clause in a life policy, issued by a foreign insurer licensed to do business in Missouri, which provided that loans could be obtained by the insured on the sole security of the policy, imposed no obligation on the insurer to make such loans, if the Missouri statute applied and prohibited hypothecation of the reserve as security. 3. INSURANCE 147(4)— LIFE INSURANCE LOANS WHAT LAW GOVERNS. As a state cannot, under Const. U. S. Amend. 14. forbid a citizen from making contracts outside its limits while he remains within, Rev. St. Mo. 1899, § 7897, providing that no policies of life insurance issued by any company authorized to do business in the state shall, after payment of three annual premiums be forfeited by reason of nonpayment, but that the net value of the policy shall be computed, and, after deducting from three-fourths of such value any notes or other evidence of indebtedness given on account of past premium payments, the balance shall be taken as a net single premium for temporary insurance, does not apply to a loan contract entered into between a policy holder, a resident of Missouri, and a New York insurer authorized to do business in Missouri, and which in that state wrote the policy involved, where it was expressly agreed between the parties in the loan agreement, the application for which was transmitted to the insurer's New York office, that the laws of New York, under which the hypothecation of the reserve was valid, should govern. Mr. Justice Brandeis, Mr. Justice Day, Mr. Justice Pitney, and Mr. Justice Clarke, dissenting. In Error to the Springfield Court of Appeals of the State of Missouri. Action by Leo F. Dodge against the New York Life Insurance Company. A judgment for plaintiff was on defendant's appeal affirmed by the Springfield Court of Appeals (189 S. W. 609), and defendant brings error. Reversed. souri, where she and her husband resided; that in 1900, at St. Louis, he applied for and received the policy, she being named as beneficiary; that premiums were paid to October 20, 1907, when the policy lapsed, having then a net value, three-fourths of which, less "indebtedness to the company given on account of past premium payments" applied as required by the Missouri nonforfeiture statute (Section 7897), sufficed to extend it beyond assured's death. Further, that upon application by assured and herself presented at St. Louis the company there made him loans amounting, October 20, 1907, to $1,350, but of this only $599.65 had been applied to premiums. She asked judgment for full amount of policy less loan, unpaid premiums, interest, etc. Answering, the company admitted issuance of policy, but denied liability because assured borrowed of it, November 1906, at its home office, New York City, $1,350, hypothecating the policy there as security, and then failed to pay premium due October 20, 1907, whereupon in strict compliance with New York, law and agreements made there the entire reserve was appropriated to satisfy the loan, and all obligation ceased. The assured being duly notified offered no objection. It further set up that as the loan, pledge and fore closure were within New York the federal Constitution protected them against inhibition or modification by a Missouri statute, and, if intended to produce such result, section 7897, Rev. Stats. Mo. 1899, lacked validity. In reply, defendant in error denied assent to alleged settlement, maintained all transactions in question took place in Missouri, and asserted validity of its applicable stat utes. The Springfield Court of Appeals affirmed a judgment for $2,233.45-amount due after deducting loan, unpaid premiums, etc. 189 S. w. 609. It declared former opinions of the state Supreme Court conclusively settled the constitutionality of section 7897, and that the reserve, after paying advances for premiums was thereby appropriated to purchasing term insurance, notwithstanding any contrary agreement. Burridge v. Insurance Co., 211 Mo. 158, 109 S. W. 560; Smith v. Mut. Ben. Life Ins. Co., 173 Mo. 329, 72 S. W. 935. Mr. James J. O'Donohoe, of St. Louis, Mo., Effort to secure a review by the Supreme for defendant in error. Messrs. Frank H. Sullivan and James C. Jones, both of St. Louis, Mo., and James H. McIntosh, of New York City, for plaintiff in error. Court failed. Section 7897, Rev. Stats. of Mo. 1899, in efMr. Justice McREYNOLDS delivered the fect until amended in 1903, provides: opinion of the Court. "No policies of insurance on life hereafter isDefendant in error brought suit January sued by any life insurance company authorized 27, 1915, in circuit court, Phelps county, Mis- to do business in this state, * shall, aftsouri, upon a policy dated October 20, 1900, er payment upon it of three annual payments, be forfeited or become void, by reason of nonon life of her husband Josiah B. Dodge, who payment of premiums thereof but it shall be died February 12, 1912. She alleged: That subject to the following rules of commutation, to plaintiff in error, a New York corporation, wit: The net value of the policy, when the premium becomes due, and is not paid, shall be had long maintained local offices and car- computed and after deducting from ried on the business of life insurance in Mis-three-fourths of such net value, any notes or For other cases see same topic and KEY-NUMBER in all Key-Numbered Digests and Indexes *368 367 other evidence of indebtedness to the company, the assured, at all times here material regiven on account of past premium payments on sided in Missouri. Being duly licensed by said policies, issued to the insured, which indebtedness shall be then canceled, the balance that state, plaintiff in error, responding to shall be taken as a net single premium for tem- an application signed by Josiah B. Dodge at porary insurance for the full amount written in St. Louis, issued and delivered to him there the policy. * a five thousand dollar twenty-year endowment policy upon his life, dated October 20, 1900, naming his wife beneficiary but reserving the right to designate another. Among other things, it stipulated: This section and number 7899 are in the margin.1 Both defendant in error and her husband, 1 "Sec. 7897. Policies Non-forfeitable, When.-No policies of insurance on life hereafter issued by any "Cash loans can be obtained by the insured on life insurance company authorized to do business the sole security of this policy on demand at in this state, on and after the first day of August, any time after this policy has been in force two A. D. 1879, shall, after payment upon it of three full years, if premiums have been duly paid to annual payments, be forfeited or become void, by the anniversary of the insurance next succeeding reason of non-payment of premiums thereof, but it the date when the loan is made. Application shall be subject to the following rules of commuta- for any loan must be made in writing to the tion, to wit: The net value of the policy, when home office of the company, and the loan will be the premium becomes due, and is not paid, shall subject to the terms of the company's loan be computed upon the actuaries' or combined ex- agreement. The amount of loan available at perience table of mortality, with four per cent. any time is stated below, and includes any preinterest per annum, and after deducting from three-vious loan then unpaid. Interest will be at fourths of such net value, any notes or other evi- the rate of five per cent. per annum in advance." dence of indebtedness to the company, given on account of past premium payments on said policies, issued to the insured, which indebtedness shall be then canceled, the balance shall be taken as a net single premium for temporary insurance for the full amount written in the policy; and the term for which said temporary insurance shall be in force shall be determined by the age of the person whose life is insured at the time of default of premium, and the assumption of mortality and interest aforesaid; but, if the policy shall be an endowment, payable at a certain time, or at death, if it should occur previously, then, if what remains as aforesaid shall exceed the net single premium of temporary insurance for the remainder of the endowment term for the full amount of the policy, such excess shall be considered as a net single premium for a pure endowment of so much as said premium will purchase, determined by the age of the insured at date of default in the payment of premiums on the original policy, and the table of mortality and interest aforesaid, which amount shall be paid at end of original term of endowment, if the insured shall then be alive." (R. S. 1889, § 5856, amended -r.) [By act of Missouri Legislature approved March 27, 1903 (Laws 1903, p. 208), this section was amended by substituting for the words "any notes or other evidence of indebtedness to the company, given on account of past premium payments on said policies, issued to the insured, which indebtedness shall then be canceled" the following ones: "Any notes given on account of past premium payments on said policy issued to the insured, and any other evidence of indebtedness to the company, which notes and indebtedness shall be then canceled."] "Sec. 7899. Rule of Payment on Commuted Policy. -If the death of the insured occur within the term of temporary insurance covered by the value of the policy as determined in section 7897, and if no condition of the insurance other than the payment of premiums shall have been violated by the insured, the company shall be bound to pay the amount of the policy, the same as if there had been no default in the payment of premium, anything in the policy to the contrary notwithstanding: Provided, however, that notice of the claim and proof of the death shall be submitted to the company in the same manner as provided by the terms of the policy within ninety days after the decease of the insured; and provided also, that the company shall have the right to deduct from the amount insured in the policy the amount compounded at six per cent. interest per annum of all the premiums that had been forborne at the time of the decease, including the whole of the year's premium in which the death occurs, but such premiums shall in no case exceed the ordinary life premium for the age at issue, with interest as last aforesaid," (R. 8. 1889, 5858-t.) Continuation after failure to pay premium was guaranteed, also reinstatement within five years. It further provided: office, unless otherwise agreed in writing, but "Premiums are due and payable at the home may be paid to an agent producing receipts signed by one of the above-named officers and countersigned by the agent. If any premium is not paid on or before the day when due, or within shall be only as hereinbefore provided for such the month of grace the liability of the company "Any indebtedness to the company, including any balance of the premium for the inin any settlement of this policy or of any benefit surance year remaining unpaid will be deducted thereunder." case. Clearing House By an application addressed to the company at New York accompanied by a loan agreement, both signed at St. Louis and "forwarded from Missouri branch office, August 29, 1903," together with pledge of the policy-all received and accepted at the home office in New York Citythe assured obtained from the company a loan of $490. Its check for the proceeds drawn on a New York bank and payable to his order was sent to him at St. Louis by mail. Annually thereafter the outstanding loan was settled and a larger one negotiated all in substantial accord with plan just described. The avails were applied partly to premiums; the balance went directly to assured by the company's check on a New York bank. Copies of last application, loan agreement and instruction which follow indicate the details of the transaction: Application. Nov. 9, 1906. New York Life Insurance Company, 346 & 348 Broadway, New York: Re Policy No. 2054961. Application is hereby made for a cash loan of $1,350.00 on the security of the above policy, issued by the New York Life Insurance Company on the life of Josiah B. Dodge, subject to the terms of said company's loan agreement. Said policy is forwarded herewith for deposit with said company as collateral security, togeth 698 |