Beckmann v. Densmore

CARTER, Justice.

This is a declaratory judgment action in probate relating to the administration of the estate of Lou D. Carpenter of Monticello, Iowa. Such actions are authorized by Iowa Code section 633.11 (1991). At issue, is the continuing validity, if any, of an option to buy stock in the Monticello State Bank that was conferred by decedent’s will on designated officers of that bank and the profit-sharing trust for the bank’s employees. After the making of the will, the decedent’s stock that was the subject of the option was acquired by a bank holding company in exchange for stock of the…