Union County Trust Co. v. Gray

Backes, V. C.

The executors of the will of Thomas T. Gray seek advice as to the proper disposition to be made of dividends declared by the Gray Processes Corporation.

The testator owned fifty-eight thousand one hundred and eighty-eight voting trust certificates (shares) of the corporation; its capitalization is one hundred thousand shares. He bequeathed four thousand five hundred certificates to legatees outright; four thousand in trust for his two brothers and two sisters, and the balance, forty-eight thousand six hundred and eighty-eight, part of the residuary estate, he gave to his executors…