Courtney v Ferrers
| Jurisdiction | England & Wales |
| Judgment Date | 22 February 1827 |
| Date | 22 February 1827 |
| Court | High Court of Chancery |
English Reports Citation: 57 E.R. 530
HIGH COURT OF CHANCERY
Will. Construction. Policy of Assurance. Bonus.
[137] courtney v. ferrers. Feb. 22, 1827. Will. Construction. Polity of Assurance. Bonus. A policy of insurance for £3000 on A.'s life was assigned to trustees, and, by a deed of even date, trusts were declared of it by the description of " the sum of £3000 for which A.'s life was insured," and power was given to B. to dispose of it by will. B., after reciting the settlement, bequeathed £1000, part of the sum of £3000, to A., and the remaining sum of £2000 to C. At A.'s death £9000 was received under the policy. Held, that the whole fruits of the policy were subject to the trusts of the settlement, and passed by the bequests to A. and C. in proportion to their legacies. By an indenture dated the 23d of April 1787, after reciting that the Eev. E. Ferrers had effected an assurance on his life for £3000 in the Equitable Assurance Office, that gentleman assigned to Sir Nash Grose and George Rose, Esq., the policy of assur-[138]-ance and all sums of money, benefits and advantages to arise, accrue or become due or payable upon or by virtue of it in any manner howsoever. By the settlement on the marriage of Mr. Ferrers with Miss C. M. Young, bearing even date with the assignment, after reciting a lease, granted in 1786 by the Bishop of Ferns, to Miss Young, of certain hereditaments in the county of Wexford, for twenty-one years; that Miss Young had transferred £2100, part of a sum of £3800 three per cent, consols, to Sir N. Grose and G. Rose; that under the trusts of certain indentures £2000 was to be raised and paid to such persons as Mr. Ferrers should by his will appoint, and, in default of appointment, to his executors or administrators; that, upon the treaty for the marriage, it had been agreed that the £2100 consols should remain vested in, and the lease be assigned to, Sir N. Grose and G. Rose upon the trusts after mentioned; that Mr. Ferrers had lately made an insurance on his life, in the Equitable Assurance Office, for £3000, which he had assigned to the same persons, and was to be paid to them upon the trusts after mentioned, and which sum of £3000, together with the £2000, should be received and disposed of by them in the manner after expressed; Miss Young assigned the leasehold premises to Sir N. Grose and G. Rose for the remainder of the term of twenty-one years; and it was declared that the £2100 consols and the leasehold premises were transferred and assigned to them upon trust, during the joint lives of Mr. Ferrers and Miss Young, out of the rents arid dividends, to pay to Miss Young the yearly sum of £100 for her separate use, and, in case of Mr. Ferrers omitting to do it, [139] according to his covenant therein 1 SIM. MO. COURTNEY V. FERRERS 531 contained,(1) to keep insured, at the Equitable or some other insurance office, the sum of £3000 upon Mr. Ferrers's life, and to renew the leases of the leasehold premises when they thought...
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