Chatham Plan, Inc. v. Clinton Trust Co.

The plaintiff was incorporated to promote the “ Chatham Plan,” whereby a customer would make monthly deposits to be used partly to purchase insurance for him and partly for investment for his account. The defendant trust company has been held liable for breach of a contract whereby, as alleged in the complaint, it agreed “ to act as trustee in conjunction with the *499operation of said Chatham Plan and to receive and hold all moneys paid over under and pursuant to the said Chatham Plan.”

In my opinion the proof established quite conclusively that the defendant did not contract to act as trustee…