Filed: Mar. 03, 2016
Latest Update: Mar. 03, 2016
Summary: Life insurance proceeds are freely assignable in New York ( see Kramer v Phoenix Life Ins. Co., 15 N.Y.3d 539 , 551-553 [2010]), where, as here, it is undisputed that the assignment provision contains no restriction on the beneficiary's right to assign. Columbian, which was put on notice of the assignments, chose to disburse the assigned funds to the original beneficiaries, rather than to the beneficiaries' assignee, Preferred. Columbian thus might be obligated to remit the assigned life insur
Summary: Life insurance proceeds are freely assignable in New York ( see Kramer v Phoenix Life Ins. Co., 15 N.Y.3d 539 , 551-553 [2010]), where, as here, it is undisputed that the assignment provision contains no restriction on the beneficiary's right to assign. Columbian, which was put on notice of the assignments, chose to disburse the assigned funds to the original beneficiaries, rather than to the beneficiaries' assignee, Preferred. Columbian thus might be obligated to remit the assigned life insura..
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Life insurance proceeds are freely assignable in New York (see Kramer v Phoenix Life Ins. Co., 15 N.Y.3d 539, 551-553 [2010]), where, as here, it is undisputed that the assignment provision contains no restriction on the beneficiary's right to assign. Columbian, which was put on notice of the assignments, chose to disburse the assigned funds to the original beneficiaries, rather than to the beneficiaries' assignee, Preferred. Columbian thus might be obligated to remit the assigned life insurance proceeds to Preferred (see General Motors Acceptance Corp. v Albany Water Bd., 187 A.D.2d 894, 895-896 [3d Dept 1992]), although summary judgment pursuant to CPLR 3211 (c) was properly denied to Preferred, as the case cannot be decided as a matter of law on the present record.
Preferred's claims as attorney-in-fact were properly dismissed. "An attorney in fact is essentially an alter ego of the principal and is authorized to act with respect to any and all matters on behalf of the principal with the exception of those acts which, by their nature, by public policy, or by contract require personal performance" (Matter of Perosi v LiGreci, 98 A.D.3d 230, 237 [2d Dept 2012]). Since the beneficiaries have already been paid, Preferred is not entitled to receive payment as attorney-in-fact.
