Ordway v. Karibu Properties, Inc.
In a consolidated ejectment and declaratory action over ownership of a condominium held by a corporation, the Third District held as a matter of law that the decedent completed a valid inter vivos gift of her 100 shares of Karibu I to her son's BVI company when she signed and delivered Stock Certificate #2, which was later found among the son's personal papers. The court reversed the final judgment ejecting the son's widow, holding that Karibu II is the sole shareholder of Karibu I.
Key facts
- Decedent owned 100 shares of Karibu I (a corporation holding condominium property); she signed and delivered Stock Certificate #2 to her son's BVI company (Karibu II), which was later found among the son's personal papers.
- After the decedent's death, Karibu I (controlled by the decedent's estate) brought a consolidated ejectment and declaratory action against the son's widow to eject her from the condominium and establish the decedent's continued ownership of the shares.
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Why it matters
Practitioners litigating disputes over closely held corporate stock, estate assets, or family gifts can use this opinion to argue that statutory/corporate transfer formalities are not exclusive and cannot defeat a… — full analysis with a trial
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