Murnane v. Murnane

DAVIS, Commissioner.

On June 13, 1964, Thomas B. Murnane, Sr., died testate indebted to First National Lincoln Bank. He had assigned certain life insurance policies to the bank as collateral and had pledged other securities for that purpose as well. The basic controversy presented on this appeal is whether the payment of the indebtedness should have been made from the proceeds of the insurance policies or from the proceeds of sale of the other collateral. The chancellor found that the securities had value of $48,-066.71 and adjudged that the appellee, as surviving widow of the decedent, should…