In Connecticut Mutual Life Insurance Company v. Union Trust Company, the Supreme Court of the United States was asked to decide whether a trust company was liable for the payment of a life insurance policy. The policy was issued by Connecticut Mutual Life Insurance Company to a deceased individual, and the trust company was named as the beneficiary. The trust company argued that it was not liable for the payment of the policy because it had not accepted the policy and had not agreed to be bound by its terms. The Supreme Court held that the trust company was liable for the payment of the policy. The Court reasoned that the trust company had accepted the policy by virtue of its being named as the beneficiary. The Court further held that the trust company was bound by the terms of the policy, even though it had not expressly agreed to be bound by them. The Court noted that the trust company had accepted the policy and had received the benefits of the policy, and thus was obligated to pay the policy's benefits.

In Connecticut Mutual Life Insurance Company v. Union Trust Company, the Supreme Court was asked to decide whether a trust company could be held liable for failing to pay an insurance policy that had been assigned by its owner. The majority opinion found in favor of the trust company, holding that it did not have any duty or obligation under state law to make such payments and therefore could not be held liable for failing to do so. Justice Field dissented from this decision, arguing that the trust company should have known of its obligations under state law and thus should have paid out on the policy when requested by its rightful owner. He argued further that if a party is given control over another's property with knowledge of their legal rights then they must act accordingly or face liability for damages caused as a result of their failure to do so.