In New York Life Insurance Company v. Statham et al., the United States Supreme Court was asked to decide whether a life insurance policy was valid and enforceable. The policy was issued by the New York Life Insurance Company to the deceased, William Statham, and named his wife, Mary Statham, as the beneficiary. The policy was issued in 1867 and was payable upon Statham's death. The Supreme Court held that the policy was valid and enforceable. The Court noted that the policy was issued in accordance with the laws of the state of New York, and that the policy was in full force and effect at the time of Statham's death. The Court also noted that the policy was not subject to any condition or limitation that would render it invalid. The Court concluded that the policy was valid and enforceable, and that Mary Statham was entitled to the proceeds of the policy. The Court held that the policy was binding upon the parties and that Mary Statham was entitled to the proceeds of the policy.

In New York Life Insurance Company v. Statham et al., the Supreme Court was tasked with determining whether a life insurance policy issued by the plaintiff, New York Life Insurance Company, to one of its customers was valid and enforceable. The majority opinion held that it was not because there had been no consideration given for the policy in question; however, Justice Field dissented from this ruling. He argued that even though there had been no monetary consideration exchanged between the parties when they entered into their agreement, an implied promise of payment existed due to past dealings between them and should be considered sufficient consideration for enforcing the contract. Furthermore, he noted that if such agreements were not enforced then companies like New York Life would suffer financially as individuals could enter into contracts without any intention of honoring them or paying out on them at all.