Second Nat. Bank of Richmond v. STATE, ETC.

The Second National Bank of Richmond (Bank), defendant-appellant, brings this appeal following the trial court’s ruling in favor of the Indiana Department of State Revenue (State), plaintiff-appellee.

The facts most relevant to this appeal indicate that Bank was the Executor of the Estate of Ruth W. Clark. Among the assets in that estate were certain United States Treasury Bonds bearing a 3V2°/o rate of interest and scheduled to mature on November 15, 1998. These bonds, commonly known as “Flower Bonds”, may be redeemed at face value in payment of Federal Estate Taxes. At the time of Clark’s…