[Download] "Mcallen State Bank v. Texas Bank & Trust Company" by Supreme Court of Texas * eBook PDF Kindle ePub Free

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eBook details

• Title: Mcallen State Bank v. Texas Bank & Trust Company
• Author : Supreme Court of Texas
• Release Date : January 24, 1968
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 69 KB

Description

Republic National Bank of Dallas, as trustee of a life insurance trust set up by R. D. Welch, Jr., instituted this suit for the proceeds of an insurance policy on the life of Welch against the insurer and against McAllen State Bank. After filing suit, Republic National Bank resigned as trustee of the life insurance trust; Texas Bank & Trust Co. was substituted for it as trustee and as plaintiff in this law suit. Texas Bank & Trust Co., hereinafter referred to as the Trustee, claimed the proceeds of the policy as successor to the named beneficiary of the policy, Republic National Bank. McAllen State Bank, hereinafter referred to as the Bank, asserted a claim to the proceeds on the basis that the policy was pledged to the Bank as security for a loan made to Welch. The insurance company paid the disputed funds into the registry of the court and was dismissed from the suit. The trial court heard the case without a jury and entered judgment for the Trustee. The Court of Civil Appeals affirmed. 423 S.W.2d 932. We granted the writ to review the Court of Civil Appeals holding that the rights of a beneficiary to the proceeds of a life insurance policy are superior to the rights of a pledgee. We reverse the judgments of the Courts below and render judgment for the McAllen State Bank.

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