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'The author is indebted, for help in the preparation of this article, to his assistant, Mr. Samuel Silverman, Decisions Editor of the Columbia Law Review, and to Messrs. Charles Looker, Robert L. Redfield, Jr., David M. Solinger, and Miss Helen H. Robinson, members of the I929 seminar in decedents' estates at the Columbia University Law School. 2Bassil v. Lister, 9 Hare I77 (Eng. I85I) is a case in which the English Chancery Court sustained the legality of an arrangement by which Lister insured the lives of his two sons and by will provided for the continuance of premium payments out of the income of his estate. This English trust differed from modern life insurance trusts in that the policies were not on the life of the creator or settlor, and the trust was created by will, thus taking effect only at the death of the settlor. The Girard Trust Company of Philadelphia established, on June I3, I869, what appears to have been the first life insurance trust in this country. The Providence Life and Trust Company of Philadelphia, on January 27, I877, wrote a life insurance trust under which the settlor assigned all his interest in a policy upon his life to the company, which as trustee was to collect the insurance money from itself as an insurance company, paying the income to the settlor's widow for life and the principal, at her death, outright to his daughter. The Northern Trust Company of Chicago was the first trust company, which was not also an insurance companv, to receive a life insurance trust. This was on March i8, I897. See STEPHENSON, LIVING TRUSTS (I926) I9; (I926) 42 TRUST COMPANIES 867. 3 See the address by F. H. Sisson, I928-A Record Year for Trust Service, published by the Guaranty Trust Company, New York. Mr. Sisson reports the results of a survey made by the Trust Company Division of the American Bankers Association. (346)

Some Legal Aspects of Life Insurance Trusts