In re the Estate of Kelekian

Collins, S.

The court holds that the balance of the loans in question is not primarily a charge against the estate of the decedent but was a loan against the insurance policies and that the entire balance of the loan is chargeable against the policy of the Equitable Life Assurance Company. Under the decision in Matter of Kelley (251 App. Div. 847) which was referred to and discussed in Friedlander v. Scheer (1 Misc 2d 899), the action of the testator in changing the beneficiary of the Equitable policy as a part of the loan transaction and directing that the amount due on the loan be deducted…