Wilson Estate

Bolger, J.,

On May 25, 1945, conveyor paid off two bank loans by negotiating with the Girard Trust Company on that date a loan in the amount of $73,006.94. As evidence of the obligation, he gave the bank his demand note in that amount and assigned as collateral 10 life insurance policies, two of which were payable to his testamentary estate, of which the Girard Trust Company was executor, while in the others the same bank, as cotrustee, was named beneficiary. The note was in the standard bank loan form under which every other asset of the borrower in the hands of the bank, including deposit…