AM. BANK & TRUST CO. OF PA. v. LIED


487 Pa. 333 (1979)

409 A.2d 377

AMERICAN BANK AND TRUST COMPANY OF PENNSYLVANIA, Executor of the Estate of Ray E. Lied, Deceased, Appellee, v. June G. LIED, Executrix of the Estate of Eugene R. Lied, Deceased, Appellant.

Supreme Court of Pennsylvania.

Decided December 21, 1979.


Attorney(s) appearing for the Case

James D. Crawford, Lawrence E. Stengel, Philadelphia, for appellant.

Lawrence J. Ruggiano, George J. Morgan, Lancaster, for appellee.

Before EAGEN, C.J., and O'BRIEN, ROBERTS, NIX, MANDERINO, LARSEN and FLAHERTY, JJ.


OPINION

LARSEN, Justice.

Prior to October 3, 1960, Ray E. Lied and his son, Eugene R. Lied, conducted a partnership known as "Ray E. Lied & Son." On or about October 3, 1960, Ray and Eugene Lied organized a closely-held corporation, "Ray E. Lied & Son, Inc." to which was transferred most of the property, assets, business and good will of the partnership. The only stockholders were Ray and Eugene Lied, each holding 500 shares.

A stock purchase...

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