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Testator executes a will that states in part: I give my ABC Corp. stock to my sister, Sally, and I leave the residue of my
Testator executes a will that states in part: "I give my ABC Corp. stock to my sister, Sally, and I leave the residue of my estate to my daughter, Doris." Shortly before Testator's death, ABC Corp. is acquired by XYZ Corp. As part of the acquisition, all shares of ABC stock are exchanged for an equal number of shares of XYZ stock. As a result, at Testator's death there is no ABC stock in his estate, just XYZ stock. What would be the result under California law? Question 3 options: a) Sally would receive the XYZ stock. b) Doris would receive the XYZ stock. c) The estate will purchase ABC stock to distribute to Sally. d) Half of the XYZ stock will go to Sally and the other half will go to Doris
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