Lusins v. Cohen
Appellate Division of the Supreme Court of the State of New York
1Opinion of the CourtMalone Jr., J.
At the time of his death in April 2001, decedent, a physician, owned a number of medical business entities (hereinafter referred to as the entities) together with another physician, defendant James McChesney. Decedent and McChesney had previously entered into an insurance escrow agreement which provided that, in the event that one of them died, the other would be entitled to purchase the deceased partner’s share of the entities at a price of not less than $500,000, to be funded by life insurance proceeds from policies that each agreed to obtain for the other’s benefit. Following decedent’s…
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