Home > Journals > Michigan Law Review > MLR > Volume 31 > Issue 6 (1933)
Abstract
King, the president of the plaintiff bank, embezzled money from the bank over a period of several years and then committed suicide. During this time he took out life insurance made payable to his wife and two children. He paid the premiums by writing checks on his bank account which at no time would have been sufficient to take care of the amount of the defalcation. The court held that there could be no trust declared upon the proceeds of the insurance in favor of the bank because the "main thing that created the fund was the suicide of the deceased." (The court also held as a matter of evidence that the embezzled money did not pay the premiums.) American National Bank v. King, (Okla. 1932) 13 Pac. (2d) 164.
Recommended Citation
TRUSTS-CONSTRUCTIVE TRUST UPON LIFE INSURANCE PROCEEDS,
31
Mich. L. Rev.
869
(1933).
Available at:
https://repository.law.umich.edu/mlr/vol31/iss6/29