Kost v. Foster
Illinois Supreme Court
94 N.E.2d 302 (1950)
- Written by Richard Lavigne, JD
Facts
John and Catherine Kost deeded a life estate in real property to their son Ross. The deed stated that “at his death,” meaning at Ross’s death, the property would go to Ross’s children. If any of Ross’s children had died by that time but had their own living children, those living children would receive their deceased parent’s share of the property. While Ross was still alive, one of his children, Oscar Kost (plaintiff), filed for bankruptcy. The bankruptcy trustee sold Oscar’s remainder interest in the property to a third party, Marshall Foster (defendant). After Ross’s death, Oscar and Ross’s six other surviving children (plaintiffs) sued Foster, seeking to void Foster’s deed and to partition the property amongst themselves. Ross’s children argued that Oscar’s remainder was only contingent when it was purportedly sold to Foster and that a bankruptcy trustee could not sell a contingent interest. Foster counterclaimed, asking the court to award him one-seventh of the property. Foster argued that his purchase of Oscar’s interest was valid because, at the time of the sale, Oscar had a fully vested remainder interest in the property. The trial court ruled for Foster. Ross’s children appealed to the Illinois Supreme Court.
Rule of Law
Issue
Holding and Reasoning (Daily, J.)
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