Henry Waterhouse Trust Co. v. King

OPINION OP THE COURT BY

PERRY, C. J. (Banks, J., dissenting.)

This is a suit in equity to foreclose a mortgage and to subject to the payment of any deficiency judgment that may be rendered unpaid subscriptions due from so-called “shareholders” to the mortgagee (Samuel W. King, trustee) in connection with a “business trust.” To an amended bill the respondents, other than the trustee, demurred and the demurrer was sustained by the circuit judge. From the decree sustaining the demurrer the case comes by appeal to this court.

The allegations of the bill as amended are as follows: That Samuel W.…