Morris v. Metalline Land Co.
Supreme Court of Pennsylvania
Appeals, Nos. 307, 326 and 368, from decree of C. P. No. 2, Phila. Co., March T., 1889, No. 86, on bill in equity. Bill in equity by the trustees of the Metalline Land Co. to determine the parties entitled to participate in the proceeds of the sale of certain lands of the company. The facts appear by the opinion of the Supreme Court.
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Appeals, Nos. 307, 326 and 368, from decree of C. P. No. 2, Phila. Co., March T., 1889, No. 86, on bill in equity. Bill in equity by the trustees of the Metalline Land Co. to determine the parties entitled to participate in the proceeds of the sale of certain lands of the company. The facts appear by the opinion of the Supreme Court. Errors assigned were in overruling exceptions to the master’s findings that the assessments and forfeitures of the stock were legal and that appellants were barred by laches, and in not allowing them to participate in the distribution of the fund.
1Opinion of the Court
Opinion by
Mb. Justice Gbeen,
The proceeding in this case is a bill in equity filed b}r certain trustees of a fund arising from the sale of lands owned by *330the defendant land company. “The company is unincorpo rated and is a partnership organized on the joint stock plan by a contract entered into by the members: ” Oliver’s Estate, 130 Pa. 58. It is composed of numerous members whose interests in the company are represented by certificates of stock of which there were to be twenty thousand of five dollars each. The business of the company was to be the purchasing of lands, developing mines of…
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