In re Estate of Mellott

113 N.E.2d 780, 65 Ohio Law. Abs. 182, 1953 Ohio Misc. LEXIS 420
CourtBelmont County Probate Court
DecidedJanuary 20, 1953
DocketNo. 54909
StatusPublished
Cited by2 cases

This text of 113 N.E.2d 780 (In re Estate of Mellott) is published on Counsel Stack Legal Research, covering Belmont County Probate Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
In re Estate of Mellott, 113 N.E.2d 780, 65 Ohio Law. Abs. 182, 1953 Ohio Misc. LEXIS 420 (Ohio Super. Ct. 1953).

Opinion

OPINION

By ALBRIGHT, J.

This is a proceeding brought by the surviving spouse of the decedent, under the provisions of §10509-89 GC, to purchase real estate and personal property at its appraised and market value.

The decedent, James F. Mellott died testate on August 10, 1952, leaving the applicant Elizabeth N. Mellott as his surviving spouse and sole heir at law. The decedent’s will was duly admitted to probate on August 19, 1952, and on September 5, 1952, James W. Stewart and J. E. Giffin were appointed Executors of his estate. On November 5, 1952, the surviving spouse made her election not to take under the will of the decedent but to take under the law of descent and distribution, which entitled the widow to take one-half of the net estate under the provision of §10504-55 GC.

On October 28, 1952 the Executors filed their inventory and appraisement of said estate which was approved on November 11, 1952. The gross value of the estate was appraised at $522,179.91, and the net value of the estate after payment of debts and costs of administration is approximately $480,000.00.

On December 10,1952, the surviving spouse filed her application in the Probate Court electing to take certain real estate and personal property listed in the inventory and appraisement at its appraised or market value in the approximate sum of $140,000.00. Among the assets of the estate, listed in the application of the spouse to purchase at its appraised value, were 400 shares of stock in the Union Savings Bank, Bellaire, Ohio, appraised at $13,200.00. The decedent at the time of his death was the owner of 1066 shares of the Union Savings Bank out of a total authorized issue of 3000 shares.

The executors of the estate and the City of Bellaire object to the surviving spouse being granted the right, to purchase 400 shares of the 1066 shares of stock in the Union Savings Bank owned by the decedent, at its appraised value, claiming that all the 1066 shares of stock is specifically bequeathed under the terms of the testator’s will.

[184]*184Sec. 10509-89 GC provides in part as follows:

“The surviving spouse, if any, whether acting as executor or administrator, or not, shall have the right to purchase the following property, if left by the decedent and if not specifically devised or bequeathed.”

The will of the testator, insofar as it relates to the surviving spouse and the stock he owned of the Union Savings Bank, Bellaire, Ohio, contains the following provisions:

ITEM II. Explanatory of the provisions of this, my Last Will and Testament and of gifts, bequests and devises contained herein and hereinafter set forth, I desire to make it clear that my wife, Elizabeth N. Mellott, and I each have ample properties and holdings, and it is the understanding between us that the estate of each of us should so stand as to be considered separate and apart from the estate of the other, without either claiming any special right in the estate of the other, except as provided in the Will of the other.

ITEM III. I give and bequeath to my beloved wife, Elizabeth N. Mellott, the sum of Twenty Thousand Dollars ($20,000.00) either in cash or in bonds belonging to my estate, at her election.

I also give and devise to my said wife all my interest In lands or lots formerly belonging to the Bellaire Land and Development Company in Pultney Township, lying West of the Fourth Ward in the City of Bellaire, Ohio.

The provisions hereinbefore made for my wife, Elizabeth N. Mellott, are intended to be in lieu of her dower interest and distributive share in my real estate and personal property and any and all other rights, interests, claims or exemptions which she might otherwise have in or against my estate, except her claim to a year’s support in the sum of Five Thousand Dollars ($5,000.00); and such provisions are conditioned upon her formal relinquishment of such rights by election or otherwise; provided, however, that my said wife shall have the right to a year’s support in the sum of Five Thousand Dollars ($5000.00), payable out of my estate.

In the event my said wife shall, for any reason, not elect to take under this, my Will, then the provisions hereinbefore made for her, subject to her claims at law upon the same shall become null and void, and I hereby give, devise and bequeath the same to my Trustees, hereinafter named, and their successors in trust, however, upon the trusts and for the objects and purposes herein set forth.

ITEM IX. All the rest, residue and remainder of my property, real and personal, which I may own or have the right to dispose of at the time of my deacease, I give and devise and [185]*185bequeath to said James W. Stewart and J. E. Giffin, of Bellaire, Ohio, and to their successors, in trust, however, upon the trust and for the objects and purposes following, to-wit:

Said trustees, or their successors in trust, shall hold, manage, and control as to real estate, to improve, lease, rent, sell exchange and convey the same, or any part thereof, for such rents and prices, and upon such terms and conditions as my Trustees, in their discretion, may deem best, including the power to lease for any term or terms, irrespective of the period of the trust; and as to the personal property to hold, control, sell, invest and re-invest the same, and to purchase any of the property or assets of the estate of my brother, William D. Mellott, deceased. Provided that all of such re-investments of the funds and purchases of securities from my said brother’s estate shall be in shares or stock of incorporated banks or investments that National Banks are now or may hereafter be permitted to make, or in stocks of known and demonstrated value that are offered for sale or about to be sold for less than their known or market value as my said Trustees may deem proper in their discretion, irrespective of any statutes or rules or practices of chancery courts now or hereafter in force, limiting the investment of trust funds; to execute and deliver all proxies, powers of attorney and agreements that they may deem necessary or advisable in administering said trust, and to compound, compromise, settle and adjust all claims and demands in favor of and against the trust estate, on such terms and conditions as they may deem best, provided that, if at any future time, in the opinion of my Trustees, it shall be proper so to do, my Trustees are hereby authorized and empowered to vote, consent to, carry out and consummate a consolidation or merger of The Union Savings Bank of Bellaire, Ohio, with First National Bank in Bellaire, Ohio, and to deposit, transfer and surrender all the shares of stock of both said banks, then owned by my said trust estate, for the purpose of consummating said consolidation or merger, and in lieu of said stock to accept shares of stock of said consolidated or merged institution and place the same in my said trust estate; and provided further, that it is my will and desire that said Trustees shall not otherwise sell, convert or dispose of the shares of stock of either of said banks, which I may own or have the right to dispose of at the time of my decease, except as hereináfter provided.

If the two banks shall have been merged or consolidated before the library building hereinafter provided for is constructed, then and in such case, all of said stock in said merged or consolidated institution may be sold and the in[186]

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Disciplinary Counsel v. Kramer
2016 Ohio 5734 (Ohio Supreme Court, 2016)
Thirst Quenchers of Ohio, Inc. v. Glander
68 N.E.2d 671 (Board of Tax Appeals, 1946)

Cite This Page — Counsel Stack

Bluebook (online)
113 N.E.2d 780, 65 Ohio Law. Abs. 182, 1953 Ohio Misc. LEXIS 420, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-estate-of-mellott-ohprobctbelmont-1953.