Investors Stock Fund, Inc. v. Roberts

286 F.2d 647 (9th Cir. 1961)

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Nature of the Case

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Facts

George created a trust wherein he held stock in trust for Franklin. George reserved the right to receive all cash dividends during his lifetime, the right to change the beneficiary or to revoke the trust or upon the sale or redemption of the stock by the trustee to retain the proceeds. The trust was to terminate upon the death of the beneficiary. George was the trustee. P contends that the trust instrument is ineffective because it was merely an attempt by George to make a testamentary disposition of stock to Franklin without complying with the statute of wills. Each of the parties moved for summary judgment, Franklin as beneficiary and Loretto as widow and sole heir of George. Investors filed this interpleader.