McCollum v. William McCollum Corp.

EMBRY, Justice.

The issue in this case is whether, under the instant trust, trustees were empowered to convey trust property to a corporation in exchange for all of the stock of the corporation and then distribute the corporate stock to the beneficiaries of the trust.

The Circuit Court of Tuscaloosa County granted William McCollum Corporation’s (the Corporation) motions for summary judgment and denied William Cleveland *5McCollum’s (McCollum’s) application for rehearing to that court. This appeal followed.

The facts are undisputed. They are stated by the Corporation in brief:

“William McCollum died…