Estate of John Kenly, Deceased, Betty B. Kenly, Personal Representative - Page 3

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            The New Mexico Ranch                                                                          
                  In 1958, Frank Kenly, decedent’s father, bought a ranch in                              
            New Mexico (the New Mexico ranch).  Decedent did not pay any                                  
            money toward the purchase of the New Mexico ranch.  By statutory                              
            warranty deed recorded in 1958, the New Mexico ranch was granted                              
            to “FRANK KENLY and JOHN KENLY, as joint tenants”.  The recorded                              
            statutory warranty deed included the following statement, which                               
            was signed by Frank Kenly and decedent:                                                       
                  STATEMENT OF INTENTION TO CREATE JOINT TENANCY                                          
                        FRANK KENLY and JOHN KENLY, hereby state that the                                 
                  effect of the foregoing deed has been explained to the                                  
                  [sic], and they hereby declare that it is their wish                                    
                  and intention that they take the property described in                                  
                  the deed as joint tenants with the right of                                             
                  survivorship and not as community property nor as                                       
                  tenants in common.                                                                      
            In 1971, Frank Kenly signed and recorded an affidavit stating                                 
            that he and decedent were the owners of the New Mexico ranch.                                 
            According to an exchange agreement signed by Frank Kenly and                                  
            decedent in 1974, decedent owned an undivided one-half interest                               
            in the New Mexico ranch.                                                                      
            The Divorce Proceeding                                                                        
                  In February 1967, petitioner initiated an action for divorce                            
            from decedent (the action) by filing a complaint (the complaint)                              
            in an Arizona court (the divorce court).  Petitioner was                                      
            represented by counsel.  Petitioner filed a financial statement                               
            with the divorce court (the financial statement).  The financial                              
            statement contained a list of several properties that petitioner                              

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Last modified: May 25, 2011