To evidence this agreement the Edmonstons executed a dation en paiement conveying the property to A-Second. To alleviate the problems involved, they agreed to convey the Pearl River property to A-Second for the satisfaction of their mortgage indebtedness to A-Second, as well as the indebtedness in favor of Standard. Two years later the Edmonstons experienced financial difficulties. To secure the payment of this loan, the Edmonstons executed a second mortgage in the principal sum of $7,200 in favor of A-Second affecting the Pearl River property. *119 Later, on September 24, 1964, plaintiff and her husband negotiated a $4,000 loan from A-Second Mortgage Company of Slidell, Inc. Edmonston, Standard would apply the proceeds to discharge the mortgage, or, at their option, pay the proceeds to the beneficiary. Terms of the assignment agreement provided that, upon the death of either Mr. The assignment, dated January 7, 1964, was executed contemporaneously with a first mortgage in favor of Standard securing the $16,000 loan bearing upon the Pearl River property. These policies were assigned by the Edmonstons to Standard under an "assignment of collateral security" agreement. As a condition precedent to the loan, Standard required plaintiff and her husband to insure their lives for $8,000 each in whole life policies with double indemnity benefits in the event of accidental death. After they were married she and her husband applied for and obtained a $16,000 loan from Standard Life Insurance Company of the South.
Edmonston owned a house and lot in Pearl River, Louisiana, as part of her separate estate acquired prior to her marriage to Lucien E.
Berke, Stahl & Berke, New Orleans, Garic Kenneth Barranger, Barranger, Barranger, Jones & Fussell, Covington, for defendants-respondents. Hayne, III, Hammett, Leake & Hammett, New Orleans, for plaintiff-applicant. A-SECOND MORTGAGE COMPANY OF SLIDELL, INC., et al.
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