Lank v. Steiner

(for the majority) : This is an appeal from a judgment entered in two cases consolidated for trial. The litigation arises out of a family disagreement among the children of J ohn C. and Alena Lank, both of whom died prior to the institution of the actions. The basic issue is the validity of stock options obtained from the Lanlcs by Mrs. Steiner, a daughter of the Lanlcs, and her husband (hereafter “Steiners”). Contesting the validity of the options are Mrs. Steiner’s brother and sisters (hereafter “Lank heirs”) who appeal from the Chancellor’s holding of validity.

The following facts were…