Wills Trusts & Estates keyed to Dukeminier
Farkas v. Williams
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Farkas purchased stock of Investors Mutual, Inc. At the time of each purchase, he executed a written application directing the company to issue stock in his name “as trustee for Richard J. Williams.” Along with the applications, Farkas signed separate declarations of trust. Farkas retained the power to vote, sell, redeem, and exchange the stock. He also retained the right to change the beneficiary or revoke the trust at any time. Upon his death, the title to the stock was to be vested in the beneficiary. When Farkas died, Williams sought to have the stock directed to him. However the circuit court held that the trust declarations were testamentary in character and were invalid.
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