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(collectively, the donees).8 Each year, from 1985 through 1988,
decedent made checks for $10,000 payable to each of the donees
and gave them to her agent, Jack, for delivery.
In each of the years, decedent did not have enough cash to
fund the gifts, so she arranged, through her agent, to borrow the
funds from First National Bank of Atlanta (First National).9
The Loan Process
Decedent borrowed $120,000 in 1985, 1986, 1987, and 1988 to
fund the gifts. Typically, each year shortly before making the
gifts, decedent wrote out checks for $10,000 to each of the
donees, and signed a note for $120,000. She gave the checks and
the signed note to her agent, Jack, who went to First National
and executed the loan on her behalf. First National issued a
cashier's check for $120,000 to decedent, which Jack deposited in
decedent's checking account at the Trust Company Bank. Although
the loans were unsecured, Jack guaranteed the notes, both
personally and as agent for decedent.
After the loan proceeds were deposited in decedent's
account, the trustees for the Weinstock Trusts, Jack and Lewis,
8 Decedent's daughter-in-law, Ellen, is the wife of Jack;
the eight Weinstock Trusts that were created to benefit
decedent's grandchildren are: The Carolyn A. Holland Trust, The
Beth R. Holland Trust, The Lynn P. Holland Trust, The Richard L.
Holland Trust, The Lewis G. Holland, Jr. Trust, The Alan P.
Koblitz Trust, The Richard S. Koblitz Trust, and The Jeffrey L.
Koblitz Trust.
9 First National Bank of Atlanta later changed its name
to Wachovia Bank. Decedent did business with the bank under both
of its names.
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