Innes v. Potter

153 N.W. 604 (1915)

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Nature of the Case

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Facts

Warren Potter owned 1370 share of stock with a par value of $100 per share. Warren took a certificate and indorsed 1000 shares over to his daughter. Warren also wrote a letter to his daughter in which he stated that he had transferred the stock to her. Warren then took the indorsed certificate, the letter to his daughter and enclosed them in an envelope sealed it and wrote that the certificated were to be held by J.A. Casey and delivered to his daughter only in the case of Warren's death. Warren never mentioned the issue again and never attempted to exercise any control over the stock. Warren died, and Casey delivered the letter to Warren's Daughter (D). The administrator of the estate (P) sued to recover possession of the certificate. The trial court found for D in that a gift was intended with the right of D to beneficial enjoyment postponed until the death of Warren. P appealed.