Hing

On the 1st of April, 1901, the Equitable Life Assurance Society of the United States issued to respondent an endowment policy of life insurance. Thereafter respondent borrowed from said society the sum of one thousand dollars and assigned to appellant the said policy as security for the payment of said indebtedness, the bank undoubtedly acting as agent of the insurer in the matter.

The policy matured on the 1st of April, 1916, and there became due plaintiff the sum of $1,325.94, being the face value of the policy and the surplus reduced by said one thousand dollar loan. The insurer sent to appellant a check for said amount payable to said bank and to plaintiff, which was received by appellant on the 'fourth day of April, 1916. At this time respondent was indebted to appellant in the sum of $431.45, on certain promissory notes, and, also, to one J. H. Simonson upon a promissory note for the sum of $436, which note was held by the bank, as security for the payment of a loan by it to said Simonson. The annual premium on said policy was less than five hundred dollars, and, therefore, “all moneys, benefits, privileges, or immunities accruing or in any -manner growing out of” said…