Innes v. Potter

153 N.W. 604 (1915)

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Innes v. Potter

Minnesota Supreme Court 
153 N.W. 604 (1915)

  • Written by Patrick Busch, JD

Facts

Warren Potter owned 1370 shares of stock. After he had made a will, he indorsed to his daughter Marcia Potter (defendant) a certificate of 1000 shares of stock. He put the certificate in a sealed envelope with written instructions that it should be delivered to his daughter after his death, and gave the envelope to a business associate. After Warren died in 1914, the envelope was delivered to Marcia. Thereafter Innes, the administrator of Warren’s will (plaintiff), filed suit for his estate to regain possession of the stock certificate. The trial court found that Warren had made a valid gift of the stock to Marcia. Innes appealed.

Rule of Law

Issue

Holding and Reasoning (Hallam, J.)

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Casebooks

Property

Key Terms

  • Expectant EstateAn interest in property that cannot be defeated by any action of the holder of the intermediate estate, who has the right to possess the property until some future condition occurs, at which point the holder of the expectant estate gains the right of possession.
  • Testamentary transferA transfer of property that occurs after a person’s death in accordance with his or her will.

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