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IN RE ESTATE OF WINSTEAD

No. 4-85-0706.

144 Ill. App.3d 502 (1986)

493 N.E.2d 1183

In re ESTATE OF CHARLES B. WINSTEAD, Deceased (Marilyn Winstead, Claimant-Appellant, v. Peoples Bank of Bloomington, Adm'r with Will Annexed of the Estate of Charles B. Winstead, Deceased, Defendant-Appellee).

Appellate Court of Illinois — Fourth District.

Rehearing denied July 1, 1986.

Attorney(s) appearing for the Case

James W. Yoder and J. Stephen Yoder, both of Yoder & Yoder, of Bloomington, for appellant.

William C. Wetzel, of Livingston, Barger, Brandt & Schroeder, of Bloomington, for appellee.

Reversed and remanded.

JUSTICE SPITZ delivered the opinion of the court:

The owner of a life insurance policy pledges the policy to a bank as collateral for farm operating loans. The bank is not, however, designated as a beneficiary of the policy. Upon the death of the owner of the policy, the bank elects to satisfy a part of the policy owner's indebtedness by appropriating to itself the entire proceeds of the policy. Under these circumstances, is the beneficiary...

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