Gordon v. Portland Trust Bank

271 P.2d 653 (1954)

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Nature of the Case

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Facts

Albert had fifteen life insurance policies on his life. He delivered them to the bank pursuant to the terms of an instrument in writing, executed by Albert as trustor and the bank as trustee. He caused the bank to be designated beneficiary under the insurance policies, and after his death, the bank collected the proceeds of the policies, which it claims the right to hold and distribute in accordance with the provisions of the trust agreement. P brought this action under the last will and testament of Albert to recover the sum of $26,352.75 from D. She claimed the trust was testamentary and was revoked by a will executed by Albert four days later under which P had been appointed executrix. The trust instrument recites Albert as trustor and D as trustee. D was to distribute the net income of the trust estate in quarterly installments to F until her death or remarriage, and, upon the happening of either of those events, to distribute the corpus equally between the trustor's two daughters, with further provisions for the contingencies of the death of either or both daughters before the death or remarriage of the widow. The court ruled for D and P appealed.