Exchange State Bank v. Poindexter

The opinion of the court was delivered by

Hutchison, J.:

This is an action in equity to have a trust de*102dared and impressed upon the proceeds of three life insurance policies upon the life of James Poindexter, payable to his wife, because the funds used by the insured to keep the insurance in force were fraudulently obtained from the plaintiff bank.

The action was brought against Frances Poindexter, the wife of the insured, and the insurance company. The petition alleged that she conspired with her husband in his obtaining two loans from the bank, one on October 3,1929, for $2,123, and the other…