Mississippi Supreme Court January 15, 1879 (Knickerbocker Life Insurance v. Harlan)

Chalmers, J.,

delivered the opinion of the court.

W. H. Harlan took out a policy of insurance for $5,000 on his own life, in favor of his wife. After paying for several years the cash half of the annual premiums, and executing his notes for the credit half of the same, he, on the 27th of September, 1872, surrendered his $5,000 policy, and accepted what was called “ a paid-up policy ” for $2,000.