Connecticut Mutual Life Insurance Co. et al. v. Moore, Comptroller of the State of New York (333 U.S. 541)
U.S. Supreme Court · decided March 29, 1948 · Supreme Court Database (Spaeth)
- Citation
- 333 U.S. 541 · 68 S. Ct. 682
- Decided
- March 29, 1948
- Term
- October Term 1947
- Vote
- 6–3
- Majority author
- Justice Reed
- Issue area
- Economic Activity
- Disposition
- Affirmed
- Outcome
- Petitioning party lost
- Ideological direction
- Liberal
Opinion excerpt
Mr. Justice Reed delivered the opinion of the Court. We are asked in this suit to consider the validity of the New York Abandoned Property Law as applied to policies of insurance issued for delivery in New York on the lives of residents of New York by companies incorporated in states other than New York. Article VII of the Abandoned Property Law, headed “Unclaimed Life Insurance Funds,” was enacted in 1943. In 1944 the law was amended so as to cover insurance companies incorporated out of the state. Section 700 states that “any moneys held or owing” by life insurance companies in the following three classes of policies issued on the lives of residents of New York shall be deemed abandoned property: (1) matured endowment policies which have been unclaimed for seven years; (2) policies payable on death where the insured, if living, would have attained the limiting age under the mortality table on which the reserves are based (an age varying from 96 to 100), as to which no transaction has occurred for seven years; and (3) policies payable on death in which the insured has died and no claim by the person entitled thereto has been made for seven years. Other sections of Art. VII provide that insurance corporations doing business in New York shall make an annual report of abandoned property falling within the definitions of § 700, the lists shall be advertised, and if the abandoned…
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