Case ID: ad_277/html/0994-03.html
Source: Caselaw Access Project
Author: {"author": "", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

In the Matter of the Estate of William J. Laundree, Deceased. Edward A. Laundree, Appellant; Catherine Laundree, as Administratrix of the Estate of William J. Laundree, Deceased, Respondent.
   In a proceeding under section 206-a of the Surrogate’s Court Act by appellant, the designated beneficiary of United States Savings Bonds, Series E, purchased by decedent and then registered in decedent’s name as owner,"and payable on death to appellant as beneficiary, to compel delivery of the bonds to appellant by the administratrix of the estate of the purchaser of the bonds, decree of the Queens County Surrogate’s Court, dismissing the petition • of the designated beneficiary, reversed on the law and the facts, with costs, payable out of the estate, and the prayer of the petition granted, without costs. It is our opinion that under the regulations of the Secretary of the Treasury of the Tjnitcd States applicable to these fronds at the time of their purchase and registration, the petitioner, as designated beneficiary therein, acquired a present interest and fixed right therein and, upon the death of the purchaser, with the bonds remaining in that form, became the owner thereof with right of possession. (See Matter of Deyo, 180 Mise. 32, and cases there cited; Matter of Sager, 181 Mise. 431; Matter of Amols, 184 Mise. 364; Matter of Kalina, 184 Mise. 367, appeal dismissed 270 App. Div. 761, and Sort v. Sart, 194 Mise. 162.) The record presents no proof whatever that decedent was insolvent at the time of the purchase and registration of the bonds or, indeed, that he had any creditors at that time. It cannot be held that the registration of the bonds by the decedent at the time of their purchase in beneficiary form constituted a fraudulent conveyance under article 10 of the Debtor and Creditor Law. Nolan, P. J., Carswell, Sneed, Wenzel and Mac-Crate, JJ., concur. Settle order on notice.