Promissory Note
                           (Revolving Line of Credit)

                                  June 12, 2007


Borrower:  Security National Life Insurance Company

Lender:  Zions First National Bank

Amount:  $40,000,000.00

Maturity:  June 12, 2008


     For  value  received,  Borrower  promises  to pay to the order of Lender at
Zions First National Bank,  Commercial Banking Division,  One South Main Street,
Second  Floor,   Salt  Lake  City,  Utah,  the  sum  of  Forty  Million  dollars
($40,000,000.00) or such other principal balance as may be outstanding hereunder
in lawful money of the United  States with  interest  thereon at a variable rate
computed on the basis of a 365/360 basis;  that is, by applying the ratio of the
annual  interest  rate over a year of 360 days,  multiplied  by the  outstanding
principal  balance,  multiplied  by the  actual  number  of days  the  principal
balances is outstanding.

     Interest shall accrue from the date of disbursement of the principal amount
or portion  thereof until paid,  both before and after  judgment,  in accordance
with the terms set forth  herein.  The interest  rate on this Note is subject to
change from time to time based on changes in an independent index which is the 1
year LIBOR rate.  Lender's LIBOR rate is to be strictly  interpreted  and is not
intended to serve any purpose  other than  providing an index to  determine  the
interest rate used herein.  Lender's LIBOR rate may not  necessarily be the same
as the  quoted  offered  side  in the  Eurodollar  time  deposit  market  by any
particular  institution or service  applicable to any interest  period.  As used
herein,  Lender's  LIBOR rate shall mean the rates per annum quoted by Lender as
Lender's 1 year LIBOR rate based upon quotes from the London  Interbank  Offered
Rate from the British Bankers  Association  Interest Settlement Rates, as quoted
for U.S.  Dollars by Bloomberg,  or other  comparable  services  selected by the
Lender (the "Index").  The Index is not  necessarily  the lowest rate charged by
Lender on its loans.  If the Index becomes  unavailable  during the term of this
loan, Lender may designate a substitute index after notifying  Borrower.  Lender
will tell Borrower the current Index rate upon Borrower's request.  The interest
rate change will not occur more often than each year. Borrower  understands that
Lender may make loans based on other rates as well.  Borrower  understands  that
Lender may make loans  based on other  rates as well.  The  interest  rate to be
applied  to the unpaid  balance  of this Note will be a rate of 1.64  percentage
points (1.64%) over the Index.  Whenever  increases  occur in the interest rate,
Lender may increase Borrower's payments to cover accruing interest.

     Principal and interest shall be payable as follows:  Interest accrued is to
be paid  monthly  commencing  July 12,  2007,  and on the same day of each month
thereafter.  All principal and unpaid interest shall be paid in full on June 12,
2008.

     All payments  shall be applied first to late charges,  if any, then accrued
interest and the remainder, if any, to principal.

     This  Promissory  Note  shall be a  revolving  line of credit  under  which
Borrower may repeatedly draw and repay funds, so long as no default has occurred
under the Loan Agreement of even date herewith  between Lender and Borrower (the
"Loan Agreement") and so long as the aggregate, outstanding principal balance at
any time does not exceed the  principal  amount of this  Promissory  Note or the
Borrowing  Base (as  defined in the Loan  Agreement).  Disbursements  under this
Promissory Note shall be made in accordance with the Loan Agreement.

     This  Promissory  Note is made in accordance with the Loan Agreement and is
secured by the collateral identified in and contemplated by the Loan Agreement.

         Borrower may prepay all or any portion of this Promissory Note at any
time without penalty. Any prepayment received by Lender after 2:00 p.m. Mountain
Time shall be deemed received on the following Banking Business Day (as defined
in the Loan Agreement).

     If any Event of Default (as  defined in the Loan  Agreement)  occurs,  time
being the essence  hereof,  then the entire  unpaid  balance,  with  interest as
aforesaid,  shall,  at the election of the holder  hereof and without  notice of
such election, become immediately due and payable in full.

     Upon default in payment of any principal or interest when due,  whether due
at stated maturity,  by acceleration,  or otherwise,  all outstanding  principal
shall bear  interest at a default  rate from the date when due until paid,  both
before and after  judgment,  which  default rate shall be equal to three percent
(3.0%) per annum  above the  interest  rate  otherwise  in effect,  as  provided
herein, adjusted as of the date of any change in the LIBOR rate.

     If any Event of Default occurs, Borrower agrees to pay to the holder hereof
all collection costs,  including reasonable attorney fees and legal expenses, in
addition to all other sums due hereunder.

     This  Promissory Note shall be governed by and construed in accordance with
the laws of the State of Utah.

     Borrower  acknowledges  that by execution  and delivery of this  Promissory
Note  Borrower  has  transacted  business  in the  State  of Utah  and  Borrower
voluntarily  submits to, consents to, and waives any defense to the jurisdiction
of courts located in the State of Utah as to all matters  relating to or arising
from this Promissory  Note.  EXCEPT AS EXPRESSLY AGREED IN WRITING BY LENDER AND
EXCEPT AS PROVIDED IN THE  ARBITRATION  PROVISIONS  IN THE LOAN  AGREEMENT,  THE
STATE  AND  FEDERAL  COURTS  LOCATED  IN THE STATE OF UTAH  SHALL  HAVE SOLE AND
EXCLUSIVE  JURISDICTION  OF ANY AND ALL  CLAIMS,  DISPUTES,  AND  CONTROVERSIES,
ARISING UNDER OR RELATING TO THIS PROMISSORY  NOTE. NO LAWSUIT,  PROCEEDING,  OR
ANY OTHER  ACTION  RELATING  TO OR  ARISING  UNDER THIS  PROMISSORY  NOTE MAY BE
COMMENCED OR PROSECUTED IN ANY OTHER FORUM EXCEPT AS EXPRESSLY AGREED IN WRITING
BY LENDER.

     Borrower and all endorsers,  sureties and guarantors  hereof hereby jointly
and severally waive presentment for payment, demand, protest, notice of protest,
notice of protest and of non-payment and of dishonor,  and consent to extensions
of time, renewal, waivers or modifications without notice and further consent to
the release of any collateral or any part thereof with or without substitution.

     IN WITNESS  WHEREOF,  Borrower has executed and delivered  this  Promissory
Note as of the day and year first above written.


                  SECURITY NATIONAL LIFE INSURANCE COMPANY,
                  a Utah corporation



                  By: s/s Scott M. Quist
                      ------------------
                     Scott M. Quist, President