Madison Trust Co. v. Skogstrom

If the debt, evidenced by the written certificate, became the property of respondent December 1, 1933, as ruled by the trial court, there is no estate to be administered, and no property out of which to satisfy the bequest to Mrs. Ferris. Since there was no consideration for an assignment by Crowley to respondent, the correctness of the decision below rests upon the conclusion that the legal effect of all that occurred was a gift to her. The undisputed evidence shows that Mr. Crowley did not direct or authorize a new agreement to be substituted in the place and stead of the one between him…