Templeton v. Peoples National Bank

The appellant, Peoples National Bank of Washington is the trustee of a trust established by Dr. Frederic Templeton, now deceased. The respondent, Frances Templeton, is Dr. Templeton's surviving spouse and the income beneficiary of the decedent's trust. In 1936, Dr. Templeton contracted for a retirement fund with Teachers Insurance and Annuity Association (TIAA) and in 1954 he contracted with College Retirement Equities Fund (CREF). Dr. Templeton contracted to make contributions and to have his employer make contributions to these annuity funds in exchange for the guaranty that, upon…