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CONTINENTAL ASSUR. CO. v. CONROY

UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY


March 31, 1953

CONTINENTAL ASSUR. CO.
v.
CONROY et al.

The opinion of the court was delivered by: FORMAN

I

Plaintiff, The Continental Assurance Company, a corporation of Illinois, authorized to do business in New Jersey, instituted this action of interpleader under 28 U.S.C. ยงยง 1335, 1397, 2361. The complaint alleges that on or about July 12, 1929, the plaintiff issued a Twenty-Seven Year Convertible Term Insurance Policy in the face amount of $ 25,000 to John S. Conroy, payable to the estate of the insured, a copy of which is attached to the complaint.

 The complaint alleges that the insured died on or about March 30, 1951, and that the proceeds of the insurance policy became due and payable. Members of the insured's family and certain of his creditors have asserted claims to the proceeds, basing their claims on one or more of the changes of beneficiaries, assignments or declaration of trust made by the insured. The insurer, the plaintiff, also claimed an interest in the proceeds, asserting that on or about August 16, 1946, the insured, under a Policy Loan Agreement, borrowed $ 2,625 from it, assigning the policy to it as security for the loan and that at the time of the filing of the complaint there was due on the policy the sum of $ 1,742.12, less a refund of loan interest in the sum of $ 27.04, leaving a balance due the plaintiff of $ 1,715.08.

 The plaintiff paid into the Registry of the Court the sum of $ 25,000 and named as defendants in the suit all persons mentioned in the changes of beneficiaries, assignments and declaration of trust who may have an interest in the proceeds of the insurance policy.

 No objections were raised in the answers to the claim of The Continental Assurance Company. After a hearing the court ordered that the defendants should not institute or prosecute any proceedings in any other court affecting the property involved in this interpleader action. The plaintiff was discharged from all liability in the cause and was awarded the sum of $ 2,000 out of the money paid into court as its allowance for its costs, expenses and attorney's fees. In addition the plaintiff was adjudged to be entitled to the refund of the sum of $ 1,715.08 out of the fund, that being the money due it under the Policy Loan Agreement of August 16, 1946. The various changes of beneficiaries, assignments of the policy and declaration of trust were executed between July 12, 1929, and January 28, 1950, as recorded in the following table: Change Date Date of of Applied Action Change Effected Acceptance Beneficiary Reserved /-- Issuance of Estate of Insured July Yes policy 12, 1929 Aug. 29, Change of Leona, John S., 3rd, Robert and Sept. No 1929 Beneficiary Lois Anne Conroy made 1, beneficiaries. 1929 Aug. 23, Change of George Neidick, creditor, added Dec. 9, No 1929 Beneficiary to list of beneficiaries. 1929 Jan. 6, Change of Estate of insured made sole Jan. No 1930 Beneficiary beneficiary. 21, 1930 Aug. 22, Change of Leona, John S., 3rd, Robert and Aug. Yes 1937 Beneficiary Lois Anne Conroy made 27, beneficiaries. 1937 Dec. 27, Change of John S., 3rd, Robert and Lois - Yes 1937 Beneficiary made beneficiaries. Jan. 6, Collateral Howard Eastwood, assignee - - 1938 assignment Jan. 6, Change of John S., 3rd, Robert, Lois Anne - Yes 1938 Beneficiary Conroy made beneficiaries in new proportions. Mar. 2, Change of Estate of insured, 14 friends, Mar. 2, Yes 1938 Beneficiary John S., 3rd, Lois Anne, and 1938 Robert Conroy named beneficiaries. Mar. 29, Assignment To First Nat. Bank & Trust Co. - - 1938 of Beverly and Howard Eastwood. Apr. 7, Change of Same persons named April Yes beneficiaries 1938 Beneficiary as above assignees. 11, 1938 Apr. 18, Declaration Settler's family, employees and - - 1938 of Trust creditors made beneficiaries of trust. Jul. 24, Change of Leona Force Conroy named Sept. Yes 1939 Beneficiary beneficiary. 20, 1939 Aug. 16, Policy Loan Insured borrowed $ 2,625 on - - 1946 policy. Change of Creditors, John S., 3rd, and Aug. ? Beneficiary Robert T. Conroy made 11, 1947 beneficiaries. Oct. 13, Change of Creditors, Charities, and John - Yes 1948 Beneficiary S. Conroy, III, named as beneficiaries with contingencies. Oct. 21, Change of Creditors, charities, and John Oct. Yes 1948 Beneficiary S. Conroy, III, named as 26, beneficiaries with 1948 contingencies. Jan. 28, Change of Creditors and John S. Conroy, Jan. Yes 1950 Beneficiary III, named as beneficiaries 30, with contingencies. 1950

19530331

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