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LAND & SIMMONS CO. v. ARCONTI

[No. 229, September Term, 1959.]

223 Md. 204 (1960)

162 A.2d 478

THE LAND AND SIMMONS COMPANY ET AL. v. ARCONTI ET AL., EXECS.

Court of Appeals of Maryland.

Dissenting opinion filed August 24, 1960.

Attorney(s) appearing for the Case

P. McEvoy Cromwell, with whom was C. Gordon Haines on the brief, for the appellants.

George W. Baker, Jr., with whom was Hiram C. Griffin on the brief, for the appellees.

The cause was argued before BRUNE, C.J., and HENDERSON, HAMMOND, PRESCOTT and HORNEY, JJ.

HENDERSON, J., delivered the opinion of the Court.

This appeal is from a declaratory decree that the proceeds of a $50,000 insurance policy upon the life of Bart Arconti, Senior, should be included as an asset in determining the book value of the decedent's stock in the appellant corporation, pursuant to the terms of a stock purchase agreement.

There is little dispute as to the basic facts. The corporation was formed in 1948, and engaged in the general contracting...

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