Testator's will granted Petitioner a testamentary option to purchase Testator's farm at an appraised value or for the purchase price offered by any bona fide "third party purchaser," whichever is greater. A residual legatee under the will, who will receive 26.66% of the estate's residue, made an offer to purchase farm for $491,222, which was greater than its appraised value of $371,000. By using the term "third party purchaser" in the will, Testator intended for Petitioner to match only bona fide, arms-length offers from purchasers who were strangers to the will, not offers from residual legatees. Will also provided that if Petitioner chose not to exercise option to purchase, then executor had discretion to sell farm at a public or private sale, not limited to only third party purchasers. (WELCH and CATES, concurring.)
Illinois Appellate Court
Civil Court
Wills