, 1876-10-24
LIFE INSURANCE.
Important Dccl6i0ns 1,y tho United StascA
AWprrE.c Court.

Important Dcclsions by tho United statca
Auprcnc Court.
WAsHISGroS, y. e., Oct. :sJ.-The following
important opinions III several l!ic-!usl.r:ue
cases We're tlullyered by tue Supreme Court to.
day:
New York Llfr-lHsurancc Company, appellant,
Us. William Z. Stadium a.Ms 1arn,c!ia 4. Dudley,
fnrtncry l'arn,clta 4. Stadium, appeal from the
CIreui. C.,,rt Of the United Statcs for tho
Southern District of Mississippi.
The Srw York Lito-fnsursnsas Company,
plaintiff liz errur, vs. Chnrlo,tc Seyn,s, IN error
tn Ciniit Court tf tin United States for thu.
Stnther, D!strilt nf Mississippi.
rIsr Manhattan Llic.lnsi!.aneu Company.
plaintiff IN error, ", II y. liuek, executor u
Charles l.. buck. DECEASED, IN crrns IL Circuit
CURT 1T the Unnte,l Stutcs fur thu Southern
District u Mississippi,
Thu lul,ss decided are as follows: a pulley
Of HE insurance, with II stipulation fur pay
,nent u Ill annual premium by the assured,
not oil insurance frotli year to yuar, lilsr eo-
mon tire policy but the pren,iflHs constitute IN
annuity, The WltOlr Ul wllir! Ii tEe ut,sis,.Tn-
tsot ,fT tie c'.tiEu Insurance for life,
u,ul the coltlnn IL Il condition Subsequent,
mns;n: ytl the policy by It's non-pcrforH,anrce
l'ut til. time Of payment iu surfl ptifrlrs Is
ll,rrI:l, and of The rssenca II tfn contract,
a,ld ta!nre tn ,,y iBTnlves an ut'sulnta forfeit.
wv HHlG1 t'liIINk IGHHhStt III
II failure tn lay the annual premium IL clsssc
hY tho Intervention Of war between thu trrr-
t.,rics IN which tue Insurance. Company AMI
assured respectively rcshle,. wl!irt. makes 1t
unlawful for them to hold intrrentlrse,
ln'ly insist IN the condition, but u sueli case
ttu assured Il entitled to tho equitable value Ut
t!!c policy arisng from premiums actually aiss.
This equitable value IL the difference between
tho c"et Ut II new policy and tlir present value
i .sas .cyy ys' w, IL 1' t pa' ,g1f.td1 RI tas
Mcurrel, and may lH recovered In equity.
Thu tlnltruu VI u'viyal Of contracts
suspended during the VAR Il me basr "sl rs,n
slderltnns uf equity uul justice, ninl rHan"t i'c
Invoked to revive contract wl'iss1 l. w",ild be y
unjust Or i,leHuitaDlu tn revive, as where time Ii
thn esscHcc Ut tho contract Or the parties tun-
not h, nlde rqllAl. Tile average rate vi mur-
tality Is the fundamental basis uf life flssuranrc.
anl, NJ, this Is sal'v.rteI BY giving to the us-
after they havo been suspended, y
II wur, sIuce noale hit the SILK an'l dying would
apply, II would he unjust to coslIpcl y revival
urafltst tic Company.
Sir, JUSTIFY l,radlsy delivered tho opniou Of
t!Iu Court.
Tt!e insured parties lived III Mississippi, aud
wrEo prevented f.nsn paying their premiums tn
cui,sr,, ,.lcllre Ut tho War.
The above opinio'! wus concurred in by JUS
tIscs sway.e, Miller, Davis eiel,l, a,n! Bradley.
Mf, cite'>ust!cu Waite, dissenting, sail: ~
nyrte With tho majority Ut the Court III the
opinion that tho tlerree 4lu judgments in these
Eases should bu reversed, and tlat the ful,ru
tO pay tho annual premiums as thuv maturcl put
I'LL md tu the policies notwithstanding TIC Ie-
fault was osc..slouel by tho war; but | don't
think that u default even under such cireu,n-
stn,lce3 ralscH MI implied PROMISE by thu C0n-
piI,iy to Isly the assured 1fhat ILLS policy WIS
elultahly worth Ut the uIue. ! therefore ds-