Polk v. Chandler

Fourteen men, jointly interested, desired to purchase 240 acres of land in Farmington township, Oakland county. The owner would only sell to a financially responsible person, so the associates agreed that two of their number should enter into a purchase under land contract, held under a declaration of trust, and issue participation certificates to the adventurers in the nature of an interest in personal property. The purchase under land contract was made, a declaration of trust executed by one of the vendees and recorded, and participation certificates issued. Later the trustees desired to be…