Franklin Washington Trust Co. v. Beltram

Mrs. Josephine Beltram, since deceased, purchased United States Savings Bonds in 1937 and in 1939. All were registered in her name as sole owner. In September, 1941, she presented the bonds to the Treasury Department with the request that they be reissued in her name as owner, payable on death to certain named beneficiaries. Accordingly, half of the bonds were reissued, inscribed and registered:

"The United States of America, for value received, promises to pay to Mrs. Josephine Beltram, payable on death to Mr. Joachim Richard Beltram, address * * * one thousand dollars, without interest, ten…