This section contains the nature of the case and procedural background.

Ames entered into a trust agreement with Central Trust. Ames deposited insurance policies insuring his life for $1 million and making the trust the beneficiary of the policies. The agreement provided that Ames would pay the premiums and that he retained all rights to the policies including the right to change the beneficiary, to borrow against the policies and to surrender the policy for cash value. Ames also reserved the right to revoke and amend the trust and twice exercised the latter power. The only trustee duty during Ames' life was to return the policies on demand. On his death, the trustee was to collect the proceeds as provided in the trust. On Ames' death, his creditors wanted to have the trust agreements declared void. They alleged that Ames had treated the policies as his own personal property, that there was no actual corpus of the trust and that the proceeds belonged to them under a resulting trust. There was no allegation of fraud. The chancellor found a valid trust and dismissed their bill. This appeal resulted.

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