In re Watkins (Deceased) Guardian Trust and Executors Company of New Zealand Limited v Watkins - [1938] NZLR 847

Insurance — Life — Protected Policy — Bank given Equitable Unregistered Transfer of Policy to secure Overdraft — Additional Security given over Shares — Mortgage of Policy completed and registered after Policyholder's Death — Whether Protection of Policy subject to Equities — Bank's Resort to Policy moneys only — Marshalling — Subrogation of Person entitled to Policy to Bank's Rights against Shares — Life Insurance Act, 1908, ss 60, 65 — Life Insurance Amendment Act, 1925, s 3 (1) (a).