Utica Trust & Deposit Co. v. Sutton

The action is founded upon a written syndicate agreement, executed August 4, 1925 (hereinafter called the “ Agreement”). It recites that Mitchell Small, Charles R. Pierce and Richard U. Sherman have individually contracted to purchase a “ Summers tract ” of land in Florida, consisting of about 27,000 acres and have paid $20,000 on the purchase price. The agreement Was signed by Small, Pierce and Sherman as first parties, and as second parties by subscribers Who agreed to contribute moneys to be used in purchasing the tract. The agreement further provides that Small, Pierce and Sherman, the “…