Looney v. Doss

McDONALD, Chief Justice.

By virtue of a declaration of trust executed on March 15, 1922, and other instruments thereafter executed, H. H. Tucker, Jr., became the sole trustee of certain lands and interests in lands. He sold beneficial shares or interests in the enterprise thereby created to many persons, the number of outstanding shares at the time of the trial involved here being estimated by Tucker at 6,000,000. In other words, Tucker was the sole managing trustee of the business trust thus organized. There is testimony in the record to the effect that the value of the properties belonging…