Burton's Estate

Stearne, J.,

Decedent acquired an industrial life insurance policy. According to the terms of the insurance contract, upon the death of the insured, the proceeds of the policy were payable to his executor or administrator. Such designation of beneficiary, nevertheless, was expressly subject to the right of the insurance company to pay the proceeds of such policy to such person as the insurance company deemed equitably entitled thereto. This *567is what is commonly termed a “facility of payment clause”. The material parts of this insurance contract read as follows:

“To pay ... to the executor or…