Harris Trust & Savings Bank v. Ellis
Court of Appeals for the Seventh Circuit
1Opinion of the Court
EASTERBROOK, Circuit Judge.
When Oscar Ellis died in 1968, his will apportioned his estate between a marital trust for the benefit of his wife Mary and a residuary trust for the benefit of Mary and his two children. The estate’s principal assets were four farms and stock in three closely held corporations. Oscar had founded one of these, Moline Consumers Co., in 1917, and working control had passed to his son James by the time of Oscar’s death. James was also a member of the board of First National Bank of Moline, which served as the executor of the will and trustee of both trusts. Oscar’s…
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