Flicker

(dissenting).

I dissent. It seems, to me that the trial court’s inferences from the testimony were fairly drawn and that the. conclusions reached should not be disturbed by us. The trial court decided that no agreement existed between Ogus, Rabinovich & Ogus, Inc. and the insured beyond the assignment of the policy involved as security for advances. The beneficiary of the policy was insured’s estate and the creditors of that estate should be paid out of the insurance money.

In an interpleader suit filed by an insurer, funds deposited in the registry of the court which became due under a life insurance policy issued to Samuel Rabinovich were decreed to be a part of insured’s estate, and the insured’s widow has appealed.

On December 29, 1924, The Union Central Life Insurance Company, an Ohio corporation, hereinafter called the insurer, issued the policy in question in the amount of $50,000, numbered 827,108. On July 24, 1926, the insurer issued a second policy to the insured for $25,000, and on August 1, 1928 issued to the insured a third policy for $100,000. Appellant, the insured’s wife, was named-as the beneficiary in all the policies, but the insured reserved'the right to change the beneficiary. At the time' insured applied for and received all these policies, he was a resident o'f and domiciled in the State of New York.

In 1929, appellant and the insured moved to California. On June 8, 1930, the insured assigned absolutely the second policy for $25,000 to his brother, Frank Rabinovich, who was one of the principal shareholders of Ogus, Rabinovich & Ogus, Inc., a New York corporation.

On September 14, 1930, the insured changed the beneficiary in…