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JONES ESTATE (05/24/54)

May 24, 1954

JONES ESTATE


Appeal, No. 135, March T., 1954, from decree of Orphans' Court of Allegheny County, 1939, No. 2164, in Estate of Benjamin F. Jones, Jr., deceased. Decree affirmed.

COUNSEL

Wm. M. Robinson, with him Joseph G. Robinson and Reed, Smith, Shaw & McClay, for appellant.

Alexander H. Hunter, with him Hunter, Buffington & Kipp, for appellees.

Ralph D. McKee, with him Alter, Wright & Barron, for interested third parties, under Rule 46.

Before Stern, C.j., Stearne, Jones, Bell, Musmanno and Arnold, JJ.

Author: Bell

[ 377 Pa. Page 474]

OPINION BY MR. JUSTICE BELL

Testator at the time of his death on January 1, 1928, was the owner of 22 shares of the common stock of the Union Trust Company. Subsequently, each share of common stock of the Union Trust Company was exchanged on a five for one basis (the par value being reduced from $100. per share to $20. per share), and the trustees of the Jones Estate thereafter held 110 shares of the common stock of Union Trust Company. The parties agreed that this transaction did not

[ 377 Pa. Page 475]

    require any apportionment between life tenant and remainderman.

The Union Trust Company and the Mellon National Bank merged, as of September 26, 1946, and became thereafter Mellon National Bank & Trust Company. As a result of that merger the trustees of the Jones Estate received 880 shares of stock of the new bank, having a par value of $100. per share, in exchange for 110 shares of Union Trust Company stock which they had previously owned.

The trustees of the Jones Estate filed their third and partial account. At the audit, the life tenant raised the question of apportionment.

The intact value of the Union Trust Company stock at the date of decedent's death was $4,981. a share. The intact value after the merger was ...


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