New England Merchants National Bank v. Old Colony Trust Co.

New England Merchants National Bank of Boston, as administrator of the estate of James Bacon, brought this action in the Superior Court against the trustees of a Massachusetts business trust with transferable shares and their transfer agent Old Colony Trust Company to recover liquidating dividends which the trust declared and paid on its common and preferred shares in 1960 and 1964. The case was submitted on stipulated facts to a judge of the Superior Court, who found for the defendants. The plaintiff appealed from that judgment and the Appeals Court affirmed. New England Merchants Nat’l Bank…