Gay v. Phillips

OPINION

FRANKS, Judge.

In this declaratory judgment action, the chancellor decreed the proceeds of a certificate of deposit for $17,155.07 to Katherine Phillips. Decedent, Bob Gay, had purchased the certificate of deposit from the City and County Bank of McMinn County, which was payable to Bob Gay or Katherine Phillips. Plaintiffs, certain heirs of the deceased, have appealed, insisting the proceeds are property of the estate of Bob Gay.

Bob Gay was a lifelong bachelor and for many years resided with his brother, Elbert, in the ancestral home in McMinn County. Elbert died in 1975. Bob and Elbert…