Nature of the Case
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Facts
Mary died testate, and her 1923 will was probated. In that will, she left 1,200 shares of par value stock of Parke, Davis & Company to Charles. In 1927, she exchanged her par value shares for no par value shares at a 1 to 5 ratio based on a restructuring of the corporation. She died in 1928. A dispute arose of just exactly what Charles was to get 6,000 shares or 1,200 shares. The executors petitioned the court. The court held that Charles was to get the 6,000 shares. The residual legatees appealed. They contend that the legacy is general, Charles contends it is specific, and the executors think it is demonstrative.
Holding and Decision
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Legal Analysis
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