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COX ESTATE. (01/02/62)

January 2, 1962

COX ESTATE.


Appeal, No. 330, Jan. T., 1961, from decree of Orphans' Court of Philadelphia County, No. 1229 of 1960, in re estate of Charles M. Cox, also known as Charles M. Cox, Jr., deceased. Decree affirmed.

COUNSEL

J. Webster Jones, for appellant.

Dunstan McNichol, with him Gilfillan, Gilpin & Brehman, for appellee.

Before Bell, C.j., Musmanno, Jones, Cohen, Eagen and Alpern, JJ.

Author: Bell

[ 405 Pa. Page 446]

OPINION BY MR. CHIEF JUSTICE BELL.

This case came before the Orphans' Court on petition by Marie J. Ward, an answer by the administrator of the Estate of Charles M. Cox, and a reply by Ward. The issue is the ownership of a savings account. The lower Court decided that Marie J. Ward was the sole owner of said account, with all rights of ownership including the privilege of withdrawal, and that the account was not an asset of the Estate of Charles M. Cox.

The basic facts are undisputed.

On August 17, 1956, decedent and petitioner opened savings account No. W 42883 in the Western Saving Fund Society of Philadelphia. In connection therewith they signed a signature card entitled: "Cox, Chas. M. - Ward, Marie J. - EITHER TO DRAW." On the reverse side of the signature card was the following agreement which they also signed:

"It is agreed and understood that any and all sums that may from time to time stand in this account to our credit shall be owned by us as joint tenants and not as tenants in common, or by us as tenants by the entireties in the case of husband and wife; that said The Western Saving Fund Society of Philadelphia is hereby authorized and directed to pay money unconditionally from such sums upon orders or receipts drawn by us

[ 405 Pa. Page 447]

    or by either or any of us and, from time to time, to accept assignments made to it (but to it alone) by any one or more of us of any sums in this account as collateral security for any loan or loans that it may make to any one or more of us, and that in case of the death of either*fn* or any of us the balance then remaining in said account shall be the absolute property of the survivor or survivors and said Society is hereby authorized and directed to deal with the survivor or survivors (with all the within rights of joint tenants) as the sole and absolute owner or owners of such sums. Each of ...


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