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OSBORN v. EMPIRE LIFE INS. CO. OF AMERICA

SC 1602.

342 So.2d 763 (1977)

Ed OSBORN, Executor, etc., et al. v. EMPIRE LIFE INS. CO. OF AMERICA et al.

Supreme Court of Alabama.

February 11, 1977.

Attorney(s) appearing for the Case

S. P. Keith, Jr., Birmingham, for appellants.

James W. Webb and Edwin K. Livingston, Montgomery, for Charles Payne, Commissioner of Insurance.

Drayton Nabers, Jr., Birmingham, for Protective Life Ins. Co.

Thomas B. Hill, Jr., Montgomery, for Union Bank & Trust Co.

FAULKNER, Justice.

This is an appeal from a decree of the Circuit Court of Jefferson County, holding that no trust existed and ordering the transfer of stocks. We affirm.

During 1953, 1954 and 1955, National Union Life Insurance Company, a predecessor of Empire Life Insurance Company of America, issued to certain policyholders a special participation plan (SPP) policy wherein a portion of the premiums paid to the company by the SPP policyholders during the...

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