The Kentucky Law Reporter; A Monthly Magazine, Devoted to the Interests of the Legal Profession at Large and Particularly of the Kentucky Bar Volume 20, PT. 1 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1899 edition. Excerpt: ...thereby become a nullity; but the forfeiture clause, as has been repeatedly held by this court, is for the benefit of the company. It, therefore, follows that the company may waive the forfeiture and insist upon the collection of the note, and if it does so then the policy has not been forfeited, but remains in full force for the period specified therein. The $28.50 note was executed as a preminm or the sum to be paid for the $1,000 insurance, which contract and execution of the note require the company to carry the risk for twelve months, subject only to the condition of forfeiture upon the failure of the insured to pay the note at maturity, but giving to him no right to refuse or fail to pay, and thereby render the note void and of no eflect. It is an elementary principle of law that the burdens and responsibilities of parties to contracts must be reciprocal. and manifestly the company could Iloii insist on a forfeiture of the policy and also the collection of the n0to. If the entire note remained valid and binding upon the payor, it must follow that the policy must remain in force during the term for which the note was executed. This court, in Johnson v. Southern Mutual Life Insurance Co., 79 Ky., 406, in discussing the question of forfeiture, said: "'l'l.e retention of the note by the company as its property was suflicient evidenee of further grace, and a determination upon it part to demand payment then of after the request to issue the paid-up policy had been made. It could not own the note and receive the benefit of the forfeiture also." It is true that the case under conideration supra was essenti: illy diflerent from the case at bar, but we apprehend that the.quotation announced a sound principle of law. In Bane...