Second National Bank & Trust Co. v. Reid

Arthur D. Eddy, an old resident of Saginaw, Michigan, died testate in 1925. The principal asset of his very large estate consisted of the entire capital stock of C. K. Eddy & Sons, a holding company owning stocks, bonds, real estate, et cetera. Although its capital was only $125,000, represented by 12,500 shares of a par value of $10 each, its capital and surplus amounted to at least $3,600,000 at the time of Mr. Eddy’s death. In his will, he directed his executors to take all necessary legal steps to declare cash dividends with which to pay debts, taxes, expenses of administration, and cash…