34 HIGH COURT OF CHANCERY.

CATHARINE HARRISON

v. MARCH TERM, 1847.
WILLIAM McCONKEY. J

LIFE INSURANCE POLICY—ASSEGNMENT OF.)

St the terms of the assignment of a life insurance policy, the assignee was to
receive the proceeds, and if other securities held by him were insufficient for
that purpose, to apply the same to the satisfaction of his claims against
the assignor, and to pay over the residue, if any, to the wife of the latter.
HELD—

That this was such a consummate transfer and delivery of the policy, as to take
from the assignor the legal power and dominion over it, and authorized the
company to pay the money to the assignee without the interposition of the
administrator of the assignor, and that the title of the wife to the residue,
after paying the claim of the assignee, was good.

[Thomas P. Harrison, deceased, late of Baltimore, in March,
1846, effected an insurance of his life in the National Loan
Fund and Life Assurance Company, (chartered by act of the
British parliament, and doing business in Baltimore,) for the
sum of $1000, and received from said company its policy, which
he assigned to the defendant, McConkey, to whom he was then
largely indebted, in aid of certain securities which he then held,
and also as a security for additional advances, at that time made
by him, to the assignor. By the terms of the assignment, the
proceeds of the policy, were on the death of the assignor, to be
received by the assignee, and in case the other securities, held
by him were insufficient for that purpose, to apply said pro-
ceeds, or so much thereof, as might be necessary to the satis-
faction of his claims against the assignor, and the residue to
pay over to the wife of the latter, the present complainant, to
her own use, and free from all claims of the creditors of said
Harrison, the assignor. A short time previous to his death,
Harrison again requested said McConkey not to resort to the
policy of insurance, until his other securities should be exhaust-
ed, and it appeared from the proceedings, that the deceased,
though he effected said insurance at the suggestion of McCon-
key, was partly induced so to do by the desire of securing to