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Wills--Specific Bequest Of Capital Stock--Disposition Of Stock Dividends Declared Before Testator's Death, E. M. Deal

Michigan Law Review

In her will, testatrix made several specific gifts to Miss Dorothy Spencer, including "20 shares of stock of the Times-Picayune Publishing Company," the extent of her holding at the time the will was executed. Later, the company declared a 100 per cent stock dividend and issued testatrix a certificate for an additional 20 shares. When she died, testatrix had in her possession certificates for 40 shares of the corporation's stock. Ten legatees objected to a provisional account filed by her executor which listed the 40 shares as belonging to Dorothy Spencer, claiming that the additional shares should be converted into …