Free Motion to Dismiss - District Court of Delaware - Delaware


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Date: December 31, 1969
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State: Delaware
Category: District Court of Delaware
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" · ’ . Case 1 :05-cv-00288-KAJ Document 18-2 Filed 06/10/2005 Page 1 of 3
· ` EFiIed: Nov 19 2004 10:54 Q~ y‘k;_ .
Filing ID 4640518 ` ;_r_4 —* Ei -
‘?&g§E§%E?
IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE IN AND FOR NEW CASTLE COUNTY
WILLIAM R. DAVIS, as executor )
of the estate of James W. Davis, )
Sr., deceased, )
’ — {O
piamtiff, i c.A. NO. %t}5
)
v. )
)
CHRISTINE M. POFFENBARGER, and )
RAYMOND JAMES & ASSOCIATES, INC., )
a foreign corporation, )
) .
- Defendant. )
COMPLAINT
A 1. Plaintiff William R. Davis (“plaintiff”) is an
individual and resident of the Commonwealth of Pennsylvania.
2. Defendant Christine M. Poffenbarger (“Poffenbarger”) is
an individual and resident of the State of Maryland. _
. · 3. Defendant Raymond James & Associates, Inc. (“RJ”) is a
foreign corporation licensed to transact business in the State of
Delaware.
4. Plaintiff is the duly appointed executor of the estate
of James W. Davis, Sr. (“decedent”) who died testate on June 12,
2004. The decedent was a resident of the State of Delaware at
the time of his death.
5. The decedent owned an individual retirement account
(IRA) the custodian of which was defendant RJI The account
number is 71254380. .
6. At all times relevant hereto, the named beneficiary for

‘ ' Case 1 :05-cv—00288-KAJ Document 18-2 Filed 06/10/2005 Page 2 of 3
the IRA was defendant Poffenbarger.
7. Prior to the decedent's death, the plaintiff was the
decedent's attorney—in-fact pursuant to a durable power of
attorney (POA) dated November 14, 1996.
l 8. 0n June 9, 2004, at the decedent's direction, and for
the sole use and benefit of the decedent, the plaintiff faxed
investment instructions to RJ directing RJ to sell the IRA.
_ 9. On information and belief, RJ processed the instructions
and established a settlement date of June 14, 2004.
10. The decedent died on June 12, 2004.
11. Upon learning of the decedent's death, RJ ceased
processing the sale request. `
12. As of the date of this complaint, the IRA is still
under the custodianship of RJ. _
13. The plaintiff actually or substantially complied with
RJ's requirements for transacting the sale request for the IRA.
Accordingly, the IRA should be deemed to have been sold prior to
the decedent's death and the proceeds of the IRA are property of
the decedent's estate.
14. On information and belief, Poffenbarger claims that the `
IRA should be distributed to her as named beneficiary.
15. Plaintiff lacks an adequate remedy at law.
WHEREFORE the plaintiff respectfully requests that the Court U
enter an Order: -
a) declaring that the proceeds of the IRA are the property

' ‘ " Case 1:05-cv—00288-KAJ Document 18-2 Filed 06/10/2005 Page3of3
of the decedent’s estate;
b) enjoining RJ from distributing the proceeds of the IRA
pending an adjudication of this matter;
c) awarding plaintiff his attorneys' fees and court costs;
and ,
d) granting such other relief as the Court deems equitable.
FERRY, JOSEPH & PEARCE, P.A.
/s[ David J. Ferry, Jr.
DAVID J. FERRY, JR. (#2149)
824 Market Street, Suite 904
P.O. Box 1351
Wilmington, DE 19899-1351
(302) 575-1555
Attorney for Plaintiff
Dated: November 19, 2004