First National Bank of Lake City v. Estate Young

SMITH, Judge.

The Bank, beneficiary of Minnie Young’s will, appeals from a trial court’s judgment which invalidates her bequest to the Bank of 20 shares of Bank stock.1 The trial court’s decision, holding in effect that the stock passes to residuary beneficiaries, is grounded on three stated conclusions: (1) that the testatrix did not intend to make “an outright gift to the Bank for the purpose of enhancing its capital structure, but for the restrictive purpose of providing a financial mechanism by which newly elected Directors of the Bank could meet the qualification requirements of the…