Estate of Kern v. Handelsman

PRESIDING JUSTICE WILSON

delivered the opinion of the court:

This is an appeal from an order granting respondents summary-judgment (Ill. Rev. Stat. 1981, ch. 110, par. 2 — 1005(c)) in an action brought by the executrix of the estate of Norman Kern (petitioner) to recover money allegedly due under a contract between the decedent and respondents. We reverse.

Norman Kern was the sole shareholder and principal officer of Kern Option Company, Inc. (Kern Option), a corporation engaged in the stock options clearing business. In June 1976, Kern sold his company to Richard A. Handelsman (Handelsman),…