Jacobson

This is an action in interpleader. Plaintiff paid into court the sum of fifteen thousand dollars due on an insurance policy on the life of William P. Jacobson, deceased, and thereupon by order of court was discharged from further liability under the policy. This left the controversy for determination upon the adverse claims of the interpleading parties, to wit, respondent Cora M. Jacobson, executrix, and appellant Brunswig Drug Company. Judgment was entered in favor of the executrix. The appeal is taken from that judgment.

In March, 1912, William F. Jacobson was engaged in the retail drug business in the city of Los Angeles and was indebted to the Brunswig Drug Company, a wholesale dealer in drug supplies. For the purpose of securing this creditor, Jacobson took out the said policy of life insurance payable to his executors, administrators or assigns as beneficiary. On March 27, 1912, Jacobson assigned the policy to Brunswig Drug Company. The assignment, however, was limited as follows: “Provided, however, and it is understood and agreed, that this assignment is to secure the repayment of the sum of fifteen thousand dollars or such amount as may be due to the said Brunswig Drug…