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It is undisputed that the deceased owed a valid debt to the bank.A contract of pledge is demonstrated by the language of the three notes the deceased executed.
Like other contract rights, the right to insurance proceeds can be assigned, giving the assignee the right to recover under the policy.
This issue is discussed in the 1968, Texas Supreme Court opinion styled, Mc Allen State Bank v. Texas Bank claimed proceeds of a life insurance policy as successor to the named beneficiary asserting the policy was pledged as security for a loan made to the deceased.
They have to understand things like complicated tax laws and how to structure complex commercial deals, which is generally far above our pay grade.
Most of us became trial lawyers because we can’t do math.
It’s a legal document that the bank sends to your solicitor.
It’s written in legalese, which means it’s completely impenetrable to normal people.All the elements of a pledge are present in this case.The elements of a pledge are (1) a pledgor and a pledgee, (2) a debt or obligation, and (3) a contract of pledge which consists of the following: (a) possession of the pledged property passing from the pledgor to the pledgee; (b) legal title of the pledged property remaining in the pledgor; (c) the pledgee having a lien on the property for the payment of the debt; and (d) a right of redemption of the property in the pledgor.I can also probably assume you’re a responsible adult – or at the very least, you’re very good at pretending, which as we all know: all the best people are. This one thing is either coming to you too late, or just in the nick of time, depending on whether or not you now own a house.The banks are great for mortgages, but they’re a rip off when it comes to Mortgage Protection.You can try reading it, but honestly, you’ll have as much luck taking another crack at Finnegans Wake.At least then you can sound cultured if you pretend you read Joyce’s gibberish. Listen, it’s a bit like Apple’s terms and conditions; everyone ticks the box and nobody has a clue what they agreed to. The bit you sign is called the Notice of Assignment. The normal, helpful lenders will help you and send the notice of assignment to your insurer.The insurer will assign your policy to the bank, so the bank becomes the owner of your policy and gets any pay-out. I hope that clears up how to assign a mortgage life insurance policy to a bank.The insurer will send a confirmation of the assignment letter to the bank stating: “Thank you for your recent Notice of Assignment in respect of the above-numbered policy. It’s simple, no matter how difficult your bank may try to make it seem.Possession of the insurance policy passed from the deceased to the bank.The deceased retained legal title in the policy, as evidenced by the fact that he changed the beneficiary of the policy after he gave possession of the policy to the bank.