Inland American Yacht Club v. Country Club

Inland American Yacht Club, a voluntary association, in 1908, was near the end of its active existence and had nearly $4,000 on hand. Many of its members were also members of defendant Country Club of Detroit} a corporation. The Yacht Club gave the sum to the Country Club to be used for yachting purposes, and it was so accepted. The item was carried on the books of the Country Club as a separate account and so continued without change until 1918, when it was charged into surplus or general account. Because of the investments of funds of the Country Club, it was still possible, in 1929, to…