Gordon v. Portland Bank Trust
Oregon Supreme Court
271 P.2d 653 (1954)
Relevant factsFree
Albert Gordon executed a trust agreement naming Portland Bank Trust (defendant) as trustee and beneficiary of several life insurance policies; after Albert died, his wife Leotta (plaintiff) argued the arrangement was actually testamentary in nature (essentially a will substitute) and was therefore revoked by Albert's later-executed will, since it hadn't complied with the formalities required for a valid will.
IssueFree
Whether the beneficiary of a life insurance policy owns a present interest in the policy that may be held in trust.