New-York tribune., 1915-12-30
CANFIELD LUCKY
EVEN IN DEATH
Fall from Which Gambler
Died Wins $4,000 for
His Estate.
HE WAS ON HIS WAY
TO CANCEL INSURANCE
Court Decides Company Must
Pay Full Amount Of Policy,
Less a Loan.

Richard Canfeld's fall down the
stairs Of a subway station on Decem-
Der 10, 1914. from which the famous
gambler died next day, will give his
estate about $4,000 more than IL other
wise would have been credited with.
Through a decision Of Justice Guy.
deciding that the New York Life Insur-
ance Company must pay 20 Luke Vim
cent Lockwood, executor Of the estate.
$33. 1913, it was yesterday learned that
Canfeld's destination when he entered
the subway station was the Office OF
the insurance company, where he was
TO accept Sl0,44S. the surrender value
OF a policy on his life for sll9,5O0, on
which he had already borrowed S79.-
4j2. All the details for this payment
had been made. so when the executor
demanded the full amount payable at
death the insurance company refused
20 pay the remainder due in case Of
death. Offering only the amount Of the
surrender value.
Justice Guy decided yesterday that
there was no consideration for the
agreement under which Garfield was TO
accept this amount. and therefore the
insurance company must pay S32,2l2,
the amount due in case of death. plus
interest.
The insurance company issued the
policy to Garfield in 1899 at an an
nual premium Of S7,57e. The children,
Grace Martin Garfield and Rowland
Dartmouth Garfield. were named as
benefciaries. A year later Garfield
made the policy payable to his estate.
On January 7. 1914, he borrowed $79,-
452 on his policy. The next premium
was payable on December 8. 1914.
4 week before the months grace eX-
pired he called upon Wilbur II. Pier
son. assistant secretary OF the insur-
ance company, and asked 10 have the
policy expire in fifteen years instead
of twenty years, which would have
made it due at that time. In lieu Of
this he asked the company to pay the
surrender value. The officers of the
company rejected the proposition to
shorten the term. and PiersOn wrote
Garfield telling him the surrender
value was $4,000, less the amount Of
the loan. Garfield wrote in answer to
this announcement:
81 am disappointed at the decision
and am unable 20 see the equity Of re-
fusing to a client who has paid fifteen
premiums what you would give him had
he paid for fourteen. As a matter of
plain finance. my policy has 10 value
now. To pay five years more pre-
miums would compel me TO pay more
by far than ! would get; therefore
would thank you If you send check
for the surrender value Of the policy
less the amount of the loan
Person then notified Garfield that
there was sl0.44S coming to him and
that he could call for it or the company
would send a check by a representative.
The company turned over to the di-
vision Of policy claims the check for
Canfield. cancelled the policy and
marked the loan off their books. But
Garfield never called for the check. as
he intended. Going down the subway
stairs on his way to the company Of
fees he fell. fracturing his skull, dying
the next day. A day after his death
the insurance company mailed the
check. Richard p. Lydon. Canfeld's
lawyer, returned it 70 the company
with a letter saying the policy was
still in force. The company remailed
the check.
Justice Guy decided that Garfield
never delivered 10 the insurance COM
pany: an instrument for its release
from the obligation under the policy.
and that the alleged agreement was
without consideration. since IL was
made by Garfield in contemplation Of
life.