Koufman v. New England Merchants National Bank

Louis F. Koufman and his son, the defendant Manuel M. Koufman, each owned fifty percent of the issued and outstanding stock in the defendant Koufman Development Corporation (KDC) at the time of Louis’ death in 1965. The plaintiffs are all beneficiaries of a trust established under the residuary clause of his will.3 By this action commenced in the Superior Court pursuant to G. L. c. 231A, they sought and obtained a declaration that, at the time of his death, Louis was not indebted to the KDC on account of monies he had withdrawn from that corporation during the period of 1956 through 1965. The…