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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.
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.
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.
However, it must be kept in mind that a policy may contain a non-assignment clause, which will be enforced.
An example of the non-assignment clause is found in the 1994, Fort Worth Court of Appeals opinion, Texas Farmers Ins.
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.
Otherwise, all they’ve got is a spitty handshake and no cover. It’s a pretty little bow on your gift to the bankers.
To assign the policy you need to complete a deed of assignment with your solicitor.