Cantwell

Action to recover a premium on a life insurance policy.

The basis of the action is an instrument in writing denominated by the parties as a promissory note. The instrument called the note reads as ■ follows:

On the back thereof appears the following indorsement:

As indicated from the foregoing, Gage was engaged in the business of drilling for oil. Plaintiff was an insurance agent. The agreement was given in payment of a full year’s premium upon a life insurance policy. This policy insured appellant’s life for the sum of $100,000 in favor of his wife and was issued on November 29, 1922. The agreement sued upon was made in favor of respondent agent, for the reason he had paid the insurance company the net amount of the premium, less his commission. Nothing having been paid ■ by Gage upon the contract, action was brought by plaintiff to recover the full amount due thereon. Judgment went in favor of plaintiff, and defendant appeals.

It was appellant’s contention at the trial that the instrument sued on was payable upon the condition that the first well which was being drilled upon the property at the time the contract was made, should produce oil. The trial court found in…