Wilson Estate

Opinion by

Mr. Justice Allen M. Stearne;

The Commonwealth has appealed from an assessment of transfer inheritance tax. The Orphans’ Court of Philadelphia, two judges dissenting, sustained exceptions to the appraisement by the register of wills. There was allowed as an exempted deduction the balance due by decedent to a bank on his note, secured by collateral consisting, inter alia, of assigned life insurance policies. The policies were on the life of settlor and were payable to designated beneficiaries. The insured reserved the right to assign and to change the beneficiaries. Settlor died. His…