(Download) "Finley v. Kesling" by Illinois Appellate Court — First District (4Th Division) Judgment Affirmed # eBook PDF Kindle ePub Free

July 13, 2021

eBook details

Title: Finley v. Kesling
Author : Illinois Appellate Court — First District (4Th Division) Judgment Affirmed
Release Date : January 18, 1982
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 64 KB

Description

The plaintiff in this case was previously a party to a divorce action in Indiana. In that case he testified, under oath, that he owned 31% of certain stock, his wife 29% and his children 40%. The Indiana court accepted this testimony and so divided the particular property. Now the plaintiff has filed a lawsuit in Illinois claiming beneficial ownership of the stock which in Indiana he had testified was owned by the children. The trial court, while aware that Indiana will not apply collateral estoppel unless mutuality is present, held that even though the children were not parties to the Indiana action, it would be contrary to Illinois public policy to allow plaintiff to deny either his own previous testimony or the Indiana decree and to carry this issue further, and dismissed the action. We agree and affirm. In 1954 the plaintiff, Charles Finley, organized a previously founded insurance brokerage business into Charles O. Finley & Co., Inc., an Illinois corporation. At that time, in view of his poor medical history and for tax reasons in the event of his early death, he put 10% of the stock in each of his four children's names. The remaining 60% was divided between Finley and his wife. Although other children were born after 1954, no stock was given to them.