Riley v. Gordon

THE COURT.

On February 14, 1930, James L. Gordon and Lillian J. Gordon, his wife, with the Farmers’ and Merchants’ National Bank of Los Angeles, a corporation, executed a declaration of trust by which certain community personal property, acquired by the Gordons previous to the enactment in 1927 of section 161a of the Civil Code, was transferred to the bank as trustee, the spouses reserving to themselves the income therefrom during their joint lives. The trust was revocable during the lives of both spouses, but became irrevocable upon the death of either, in which event 'the survivor was given…