Sarah Minerva Odum, as Administratrix Ad Colligendum of the Estate of James Edmund Odum, Deceased v. Penn Mutual Life Insurance Company

RIVES, Circuit Judge.

This litigation concerns the proper disposition of the proceeds of a $40,000 life insurance policy issued by appellee Penn Mutual on the life of James Edmund Odum. On February 14, 1958, James Odum filed with Penn Mutual an Owner and Beneficiary Designation, naming William Odum (brother of James Odum) as owner and various other Odums as beneficiaries. 1 The owner named in the policy possessed the exclusive right to change the beneficiary, and “to assign, transfer or agree to any modification of this policy or any interest therein.” Although nominally the owner, the…