In the Matter of the Estate of Bernard R. Armour, Deceased. the President and Directors of the Manhattan Company…

Summary

The Supreme Court of New Jersey held that the testator’s option to purchase American Aniline Products stock applied to all shares the testator owned, whether directly or through his wholly‑owned corporation, and that the phrase “other intangible assets” excluded cash, accounts receivable and securities. The court further held that the book value for the option must be calculated from the balance sheet of the corporation whose stock is subject, not a consolidated balance sheet. Justice Burling dissented, arguing that only shares owned directly by the testator should be covered.