In re the Estate of Panettiere

Appellate Division of the Supreme Court of New York

In re the Estate of Panettiere

41 A.D.2d 965, 344 N.Y.S.2d 14, 1973 N.Y. App. Div. LEXIS 4342

CourtAppellate Division of the Supreme Court of the State of New York

DecidedMay 29, 1973

StatusPublished

This text of 41 A.D.2d 965 (In re the Estate of Panettiere) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

In re the Estate of Panettiere, 41 A.D.2d 965, 344 N.Y.S.2d 14, 1973 N.Y. App. Div. LEXIS 4342 (N.Y. Ct. App. 1973).

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Opinion

In a proceeding to settle the account of Angiolina Panettiere, as coadministrator, objectants appeal from a decree of the Surrogate’s Court, Nassau County, dated April 24, 1970, which, after a nonjury trial, dismissed their objection with respect to certain corporate stock certificates. Decree reversed, on the law and the facts, without costs, and the two coadministrators are directed to execute the necessary documents transferring the corporate stock certificates in question to the decedent’s children of his prior marriage pursuant to the agreement of March 12, 1966. In our opinion, the agreement of sale of the stock was neither an illusory transfer, since the decedent thereby retained only a life estate and no power of revocation (Krause v. Krause, 285 N. Y. 27), nor an attempted inter vivas gift. It was a valid contract between the parties which contained an implied promise, on the decedent’s part, to take all steps necessary to effectuate the transfer of legal title (cf. Parsons v. Lipe, 158 [966]*966Misc. 32, 59-63, affd. 243 App. Div. 681, affd. 269 N. Y. 630). Shapiro, Acting P. J., Gulotta, Christ, Brennan and Benjamin, JJ., concur.

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In a proceeding to settle the account of Angiolina Panettiere, as coadministrator, objectants appeal from a decree of the Surrogate’s Court, Nassau County, dated April 24, 1970, which, after a nonjury trial, dismissed their objection with respect to certain corporate stock certificates. Decree reversed, on the law and the facts, without costs, and the two coadministrators are directed to execute the necessary documents transferring the corporate stock certificates in question to the decedent’s children of his prior marriage pursuant to the agreement of March 12, 1966. In our opinion, the agreement of sale of the stock was neither an illusory transfer, since the decedent thereby retained only a life estate and no power of revocation (Krause v. Krause, 285 N. Y. 27), nor an attempted inter vivas gift. It was a valid contract between the parties which contained an implied promise, on the decedent’s part, to take all steps necessary to effectuate the transfer of legal title (cf. Parsons v. Lipe, 158 [966]*966Misc. 32, 59-63, affd. 243 App. Div. 681, affd. 269 N. Y. 630). Shapiro, Acting P. J., Gulotta, Christ, Brennan and Benjamin, JJ., concur.

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Bluebook (online)

41 A.D.2d 965, 344 N.Y.S.2d 14, 1973 N.Y. App. Div. LEXIS 4342, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-the-estate-of-panettiere-nyappdiv-1973.

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