In re the Estate of Galland

This is an appeal by the executor-from an order settling his first annual account.

1. The decedent, during his lifetime, being indebted to one Badt in the sum of $290 for money loaned, duly executed, acknowledged, and delivered to said Badt a bill of sale and assignment of a certain life insurance policy for $3,000, issued to decedent by the Germania Life Insurance Company. By this assignment, Badt was authorized to recover and collect the money from the company; and in compliance with the requirements of said company, Badt immediately presented to and left with said company the said assignment. Afterwards, upon the death of the decedent, Badt collected the full amount of the said policy from said insurance company, and paid it over to the executor, with the exception of said sum of $290, which he retained. (He also retained the amount of an attorney’s fee, which is not now under consideration.) The court below refused to allow it, upon the ground that Badt had not presented the same as a claim against the estate. In thus ruling, the court below erred. A pledgee is not obliged to present his claim to the executor of the pledgor, unless he seeks recourse against other property of…