Wray nodded.
“Rather a large amount, isn’t it? If you liquidated your business, do you think it would run to a gross of forty thousand?”
“No, I don’t,” Wray admitted, and added with a grin, “In fact, I know damn well it wouldn’t. That was the idea of making the insurance large enough so there couldn’t be any question about it. In other words, the widow of the deceased partner would be tickled to death to take the cash instead of the half interest in the business. In that way, the survivor could keep the business going without having to wind it up. And then, of course, we paid the premiums on the insurance policies out of our partnership funds and those insurance policies were in the nature of a partnership asset which automatically increased our assets proportionately.”
“And this was handled in a partnership agreement?”
“Yes.”
“Did Mrs. Prescott sign that partnership agreement?”
“Oh, yes. She signed it, and my wife signed it. It’s all drawn up legal and ship-shape. I’m surprised Mrs. Prescott didn’t tell you about that. Probably she didn’t fully understand it. And I presume she has plenty on her mind right now — tell me, do they actually have her in jail?”
“They’re detaining her,” Mason said.
“Well, it’s a damn shame — perhaps she doesn’t understand about this partnership agreement. You might explain it to her. This insurance isn’t part of the estate. The money will come to me and I’ll turn it over to Mrs. Prescott, accepting from her her release as to any right in the partnership assets.”
“Mind if I take a look at that agreement?” Mason asked.