Equitable Trust Co. v. Gallagher

LAYTON, Judge,

delivering the opinion of the court:

Appellant is the executor of the estate of Margaret C. Kane, deceased. Prior to her death on January 18,1947, Miss Kane was an old and valued employee of Union Park Motors, Inc., a corporation of this State. Hugh F. Gallagher, the defendant, is president of the corporation and owns the very large majority of its stock. Gallagher was Miss Kane’s distant cousin. In 1941 Gallagher established a trust of 19 shares of the stock of Union Park Motors, Inc., for the benefit of the deceased, for her life, remainder upon her death to trustor’s sons.…