§ 58-58-70. Insurable interest as between stockholders, partners, etc.
Part 3. Insurable Interests andOther Rights.
§ 58‑58‑70. Insurable interest as between stockholders, partners, etc.
Where two or more persons haveheretofore contracted or hereafter contract with one another for the purchase,at the death of one, by the survivor or survivors, of the stock, share orinterest of the deceased in any corporation, partnership or businessassociation of any kind, the person or persons making the contract of purchaseshall be deemed to have, and are hereby declared to have, an insurable interestin the life or lives of the person or persons contracting to sell. (1941, c. 201; 1969, c. 751,s. 44.)