Carpenter v. Emp. P. L. Assn.

Argued December 1, 1936. John Daisley, decedent, an employee of the Pennsylvania Railroad Company, became a member of its Employees Provident and Loan Association. The purposes of this organization were the encouragement of thrift among its members by systematic savings and to provide a means whereby the members could borrow money to purchase pensions or stock in the Company. Decedent's application for membership provided: ". . . in the event of my death, unless I shall otherwise designate in writing, I name as my beneficiary, to receive such sums as may then stand to my credit, my daughter,…