Opinion
November 21, 1955.
January 3, 1956.
Decedents' estates — Debts — Life insurance as collateral — Beneficiary under policy — Scope of rights — Intent of insured.
Where decedent owned an annuity contract which he assigned to a bank as security for an indebtedness and it appeared that the policy provided for the payment upon the death of the insured of a lump sum to his beneficiary and that at the time of his death the beneficiary was his daughter, and it further appeared from the terms of the annuity contract itself, as well as from other evidence in the case, that the decedent intended his daughter to get only the balance of the policy after the debt to the bank had been paid, and that the bank had validly agreed to collect its debt solely from the collateral, it was Held that (1) the daughter had only an expectancy in the policy and (2) she had no claim against the estate for the amount received by the bank from the insurer and applied in discharge of the indebtedness.
Before STERN, C. J., STEARNE, JONES, BELL, MUSMANNO and ARNOLD, JJ.
Appeal, No. 210, March T., 1955, from decree of Orphans' Court of Cambria County, File No. 29669, in re Estate of Joseph Goldstein, Dec'd. Decree affirmed.
Same case in court below: 4 Pa. D. C.2d 606.
Audit of account of executors. Before NELSON, P. J.
Adjudication filed disallowing claim for payment of alleged loan; exceptions to adjudication dismissed and final decree entered. Claimant appealed.
Edward J. Harkins, with him Thomas A. Swope, Harkins Wharton and Shettig Swope, for appellant.
Morton Meyers and Bernard G. Segal, with them Maurice Shadden, Yost Meyers, and Schnader, Harrison, Segal Lewis, for appellee.
Decree affirmed, at appellant's costs, on the opinion of President Judge NELSON, reported at 4 Pa. D. C.2d 606.