SHAFFER v. REED

82-375.

437 So.2d 98 (1983)

Frances Walden SHAFFER, et al. v. Hugh REED, Jr., et al.

Supreme Court of Alabama.

Rehearing Denied September 2, 1983.


Attorney(s) appearing for the Case

James M. Edwards of Copeland, Franco, Screws & Gill and M.R. Nachman, Jr., of Steiner, Crum & Baker, Montgomery, for appellants.

Bert Latham and Hugh Reed, Jr., Centre, for appellees.


FAULKNER, Justice.

This is an appeal from a judgment holding that options, given under a will, to purchase shares of capital stock could be exercised within a reasonable time after the death of the testatrix, and therefore, did not violate the rule against perpetuities. We reverse.

Tevis Smith Burke died January 25, 1982, leaving a last will and testament executed on September 13, 1974. The will was admitted to probate on March 1, 1982. Item 6 of the will...

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