In re the Judicial Settlement of the Account of Proceedings of Central Hanover Bank & Trust Co.

The facts are adequately set forth in the opinion of Mr. Justice Dore. We agree that there is solely a question of law presented on this appeal and that the issue is a narrow one. *544We cannot agree, however, with the conclusion that the insurance company is not in possession of property transmitted at death.

The obligations of the insurance company were:

1. To pay to the assured the cash surrender value;

2. To pay to the executor or administrator of the decedent the face amount of the policy and accumulations in the event that the decedent so designated;

3. In the event that the decedent failed…