ARKANSAS COURT OF APPEALS
NOT DESIGNATED FOR PUBLICATION
JOSEPHINE LINKER HART, JUDGE
DIVISION I
MIDLAND NATIONAL LIFE
INSURANCE COMPANY
APPELLANT
V.
FIRSTRUST FINANCIAL SERVICES,
INC.
APPELLEE
CA07-750
February 27, 2008
APPEAL FROM THE LONOKE
COUNTY CIRCUIT COURT
[NO. CV2006-264]
HON. PHILLIP T. WHITEAKER,
CIRCUIT JUDGE
AFFIRMED
Midland National Life Insurance Company (Midland) appeals from the grant of
summary judgment in favor of FirsTrust Financial Services, Inc. (FirsTrust), which entitled
FirsTrust to cancel the policy and receive a full refund of the premium. FirsTrust is the trustee
of the Pamela Roberts Irrevocable Life Insurance Trust, which was created by Raymond and
Retha J. Roberts to benefit their daughter and granddaughters. The insurance contract
contained an express condition that allowed the owner of the policy, FirsTrust, to cancel the
policy within twenty days of receiving the written policy if it was not satisfied with the policy.
On appeal, Midland argues that: 1) the trial court erred when it granted summary judgment
because it “sufficiently delivered the policy” to FirsTrust and FirsTrust is “estopped from
arguing otherwise;” and 2) the trial court erred in “prematurely” granting summary judgment
Not Designated for Publication
-2-
CA07-750
where a significant fact question remained regarding whether FirsTrust received the policy.
We affirm.
Certain facts are not in dispute. The Roberts established the trust in 1993. At some
point, estate planners determined that the trust needed additional life insurance to cover estate
taxes. On October 18, 2004, Midland issued a policy insuring the life of Retha Roberts. The
policy was intended to benefit the trust, and accordingly, the trust was the “owner” of the
policy.
On October 21, 2004, Larry Kauffman, a long-time financial and insurance adviser to
the Roberts family, and Mike Tucker, a licensed insurance agent representing Midland, met
with the Roberts at the Robertses’ office in North Little Rock. At that