Watson

We are asked to review a judgment granting a motion to dismiss a bill filed by appellant.

Section 1, Ch. 5, of the Act of February 9, 1905, Laws of the Territory of New • Mexico, 1905, p. 12, established an “Insurance Department” in such territory, and § 2 provided for the appointment of a “superintendent of insurance” to be the head of such department. The Act of March 17, 1909, Ch. 48, Laws of the Territory of New Mexico, 1909, p. 112, amended certain sections of the previous act, and enacted new provisions. Section 38 was a new provision, and provided in part:

The National Life Insurance Company of the Southwest, hereafter called “National”, organized in New Mexico, issued a large number of policies which it procured to be registered pursuant to the provision quoted above. Prior to 1923, National transferred all its assets to the Two Republics Life Insurance Company, hereafter called “Two Republics”, organized in Texas, and Two Republics assumed the liabilities of National under the registered policies.

On January 16, 1923, Two Republics was the owner in fee of a quarter-section of land in Maricopa County, Arizona, and entered into a contract, with one Wallace and his wife,…