Smith v. The Vanguard Group Inc.

Illinois Supreme Court
Civil Court
Injunctions
Citation
Case Number: 
2019 IL 123264
Decision Date: 
Friday, January 25, 2019
District: 
5th Dist.
Division/County: 
Madison Co.
Holding: 
Appellate court affirmed.
Justice: 
GARMAN

Widow filed action seeking to be declared rightful beneficiary of husband's IRA after his death. During husband's hospitalization, someone had designated wife as his beneficiary, and after his release he filed action for TRO and injunction. Spouses stipulated to injunction that neither party engage in any transaction as to the parties' financial accounts. Injunction action was later combined with a dissolution action. Husband then changed beneficiary designation to his sons. After combined actions were dismissed, husband died. Court properly granted sons' motion to dismiss. Based on spouses' stipulation to return of funds previously withdrawn, limitation on funds spent in future, and use of language prohibiting actions immediately affective accounts, spouses did not intend to prohibit a change in beneficiary. Husband's change of beneficiary, because it did not vest during pendency of injunction or combined actions, was not prohibited by injunction. (KARMEIER, THOMAS, KILBRIDE, BURKE, THEIS, and NEVILLE, concurring.)