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eBook details

Title: Oatts v. Jorgenson
Author : Supreme Court of the United States
Release Date : January 27, 1991
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 58 KB

Description

The only issue presented in this case is the effect of registering a book-entry treasury bill in the names of "Phil Oatts or Marilyn J. Oatts or Vicki Jorgenson." The treasury bill in question was purchased through a banking institution and was represented by an entry on the records of a Reserve Bank. After the death of J. Philip Oatts (Phil Oatts), his widow, Marilyn J. Oatts (Oatts), claimed sole ownership of the treasury bill, but the trial court, applying the law of Wyoming, held that a tenancy in common was created by the form of the book entry. This ruling was contrary to Oatts argument that the language resulted in a joint tenancy with right of survivorship because of the provisions of the sections of the Code of Federal Regulations that relate to treasury securities. It is our conclusion that the trial court was correct in invoking the state law, which in this instance is consistent, not contrary, to applicable federal regulations, and we affirm the judgment of the trial court.