Question: please answer correctly in 3-5 sentences for both short scenerios (52.1) and (24.1). thank you! 52.1 Ademption Ethel M. Ramchissel and Baker argued that they
please answer correctly in 3-5 sentences for both short scenerios (52.1) and (24.1).
52.1 Ademption Ethel M. Ramchissel and Baker argued that they were entitled to the cash in executed a will that made the following the 2 bank accounts, respectively Were the bequests bequests: (1) one-half of the stock she owned in Pabst to Anderson and Baker specific bequests that were Brewing Company (Pabst) to Mary Lee Anderson, (2) the adeemed when the stock was sold? Opperman a stock she owned in Houston Natural Gas Corpora- Anderson, 782 S.W.2d 8, 1989 Tex. App. Lexis 3175 tion (Houston Natural Gas) to Ethel Baker and oth- (Court of Appeals of Texas) ers (Baker), and (3) the residual and remainder of her estate to Boysville, Inc. Later, the following events happened. First, in response to an offer by G. Heilman Brewing Company to purchase Pabst, Ramchissel sold all of her Pabst stock and placed the cash proceeds in a bank account to which no other funds were added. Second, pursuant to a merger agreement between Internorth, Ino., and Houston Natural Gas, Ramchissel converted her Houston Natural Gas stock to cash and placed the cash in a bank account to which no other funds were added. When Ramehissel died about 312 years after making her will, her will was admitted into probate. Anderson 414 PART V Negotiable Instruments, Banking, and Critical Legal Thinking Cases 24.1 Transfer Warranty David M. Fox was a distributor of tools manufactured and sold by Mateo Tools Corporation (Matco). Cox purchased tools from Mateo, using a credit line that he repaid as the tools were sold. The credit line was secured by Cox's Matco tool inventory. In order to expedite payment on Cox's line of credit, Matco decided to authorize Cox to deposit any customer checks that were made payable to "Matco Tools" or "Matco" into Cox's own account. Matco's controller sent Cox's bank, Pontiac State Bank (Pontiac), a letter stating that Cox was authorized to make such deposits. Several years later, some Mateo tools were stolen from Cox's inventory. The Travelers Indemnity Company (Travelers), which insured Cox against such a loss, sent Cox a settlement check in the amount of $24,960. The check was made payable to "David M. Cox and Matco Tool Co." Cox indorsed the check and deposited it in his account at Pontiac. Pontiac forwarded the check through the banking system for payment by the drawee bank. Cox never paid Matco for the destroyed tools. Matco sued Pontiac for accepting the check without the proper indorsements. Is Pontiac liable? Matco Tools Corporation v. Pontiac State Bank. 614 F.Supp. 1059, 1985 U.S. Dist. Lexis 17234 (United States District Court for the Eastern District of
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