(Download) "Anita F. Ridley v. Robert G. Vanderboegh" by Supreme Court of Idaho No. 11074 * eBook PDF Kindle ePub Free
eBook details
- Title: Anita F. Ridley v. Robert G. Vanderboegh
- Author : Supreme Court of Idaho No. 11074
- Release Date : January 22, 1973
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 67 KB
Description
This is an action by plaintiff-appellant Anita F. Ridley, widow and administratrix of the estate of Donald G. Ridley, to obtain life insurance proceeds on the life of her deceased husband pursuant to a partnership agreement with defendant-respondent Robert G. VanderBoegh. In 1966 Donald G. Ridley and respondent Robert G. VanderBoegh formed an oral partnership to develop a trailer court in Pocatello, Idaho. In 1968 the partners executed formal articles of partnership and purchased life insurance policies on the lives of each other. The partnership agreement contained a buy-sell clause for a deceased partner's interest. At the time the first life insurance policies were purchased in 1968, the net value of the partnership was approximately $60,000. At the date of Ridley's death the partnership net value had increased to an appraised value of approximately $120,000. This was amended to include an $8,000.00 personal property item not included in the appraisal, making a total appraised value of $128,000. The partners had purchased several insurance policies on each other's lives and on December 12, 1969, the date of Ridley's death, there was $130,000 of life insurance in force on each partner's life, with each partner being the owner and beneficiary of the policy on the other partner's life. The premiums on the life insurance policies were paid by the owner-beneficiary-partner in the following manner. The premiums which were paid on the policy on the life of Mr. Ridley were first taken from the partnership account and then that amount was charged to Mr. VanderBoegh's drawing account; and likewise in the case of Mr. Ridley's payment of premiums on the insurance policy on the life of Mr. VanderBoegh.