Intestate transfer does not satisfy “otherwise given” for purposes of stock purchase agreement
Trusts and Estates
, September 2004
In Opiela v. Roth, decided June 17, 2004, the Illinois Supreme Court held that stock of a closely held company which was subject to a Stock Purchase Agreement (“the Agreement”) between the company and a decedent, was not given by the decedent on his death to his descendants through intestate succession, but rather remained subject to the Agreement, and accordingly the company was entitled to purchase the shares.
Spot an error in your article? Contact Sara Anderson at firstname.lastname@example.org. For information on obtaining a copy of an article,visit the ISBA Newsletters page.
Select a Different Author