People v. Lacy

I respectfully dissent.

What we have here is a buy and sell agreement of a type often used in business represented by a revolving stock repurchase plan funded by life insurance.

Lacy’s type of restricted ownership of the revolving stock in question and bis indicia of ownership in the insurance policies, if any, are governed as to the stock by both the Trust Agreement and the Articles of Incorporation, and as to the insurance, by the Trust Agreement only.

I will not set out in detail the many limitations imposed on the stock, for it is enough to point out that its transfer or sale was highly…