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stock purchase and the terms of the agreement. Two stock
certificates, each dated January 1, 1990, were issued. One
certificate for 75 shares was issued to decedent, and the other
for 25 shares was issued to her daughter. Jan Seigel prepared
and issued Patricia Low's stock certificate, but it was not
delivered to her. A partial amortization schedule relating to
the agreement was prepared by William Grinwis, decedent's
accountant, and given to Patricia Low. The agreement also gave
decedent and her daughter the option to buy each other's agency
stock upon certain conditions, including the death of a party.
Patricia Low made the monthly payments called for in the
agreement until they were canceled. One payment was made 10 days
late. Decedent informed her daughter that if she was late with
another payment, decedent would cancel the agreement and tear up
the stock certificate issued to her daughter.
First Codicil to the Last Will and Testament
Decedent executed a codicil to her will on March 16, 1990.
The codicil states in part:
I hereby amend Paragraph Third of my Last Will and
Testament to provide as follows: The sum of Three
Thousand Seven-Hundred Fifty Dollars ($3,750.00) per
month for a period of ten (10) years shall be paid to
my husband, SIDNEY F. DOWELL. In addition, he shall be
entitled to one-half (�) of the unpaid monthly payments
due me at the time of my death from my daughter,
PATRICIA LOW, from the sale of Twenty-Five (25 %)
Percent of the stock in Dowell Insurance Agency, Inc.
The codicil was written to make two changes: (1) To substitute
Sidney Dowell, decedent's husband, for Kenneth Dowell, decedent's
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