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U.S. Supreme Court

United States v. Citizens Loan & Trust Co., 316 U.S. 209 (1942)

United States v. Citizens Loan & Trust Co.

No. 738

Argued April 6, 1942

Decided May 4, 1942

316 U.S. 209


1. Under § 303 of the World War Veterans Act of 1924, as amended by Act of 1925, where the beneficiary of a yearly renewable term insurance policy dies, after having received part of the 240 monthly installments provided for in the contract, and the estate of the insured becomes entitled, the amount payable to the estate is the present value of remaining unpaid installments, computed as of the date of the beneficiary's death, excluding interest. P. 316 U. S. 214.

Page 316 U. S. 210

2. The fact that, because of the refusal of the Government to recognize the claim, its payment was delayed until after the period for monthly payments provided in the policy had expired did not entitle the estate in this case to have the interest included in computing the present value of such installments. P. 316 U. S. 214.

3. The provision of the amendatory Act of 1925 that present value shall be computed "as of the date of the last payment made under any existing award" is confined to cases where, prior to 1924, part payment to such estates had been made in monthly installments, including interest, and the purpose of the amendment was to avoid the retraction of interest already so paid which would otherwise result from the retroactive lump sum provision of the 1924 Act. P. 316 U. S. 213.

74 App.D.C. 244, 122 F.2d 638, reversed.

Certiorari, 314 U.S. 605, to review a judgment recovered in a suit on a veteran's insurance policy in the District Court for the District of Columbia. The court below, on the plaintiff's appeal, directed that the recovery be increased.

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