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SHAFFER v. REED

83-386.

456 So.2d 1082 (1984)

Frances Walden SHAFFER, Lyda W. Fletcher and Carolyn W. Jordan v. Hugh REED, Jr., et al.

Supreme Court of Alabama.

September 21, 1984.

Attorney(s) appearing for the Case

M.R. Nachman, Jr. of Steiner, Crum & Baker, Montgomery, for appellants.

Curtis Wright of Dortch, Wright & Russell, Gadsden, for appellees.

MADDOX, Justice.

This is the second time this case has been before this Court. In Shaffer v. Reed, 437 So.2d 98 (Ala.1983), hereinafter referred to as Shaffer I, this Court held that options, given under a will, allowing specific legatees to purchase bank stock violated the rule against perpetuities. The legal effect of Shaffer I was that the bank stock became a part of the residuary estate.

The issue...

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