In Re Anderson Life Ins. Trust

Prior to June 15, 1933, Albert Anderson of Sioux Falls, South Dakota, was the owner of five different policies of life insurance on his life totaling an amount of $17,000. On June 15, 1933, Albert Anderson and the Security National Bank Trust Company of Sioux Falls entered into an agreement designated an insurance trust agreement, wherein it was agreed that Albert Anderson would designate the Security National Bank Trust Company as beneficiary in the policies of life insurance, and the Security National Bank Trust Company agreed to receive and disburse the proceeds of the policies upon the…