New England Merchants National Bank of Boston v. Old Colony Trust Co.

This is an action of contract or tort to recover the amount represented by certificates of preferred and common stock of the defendant, Associated Textile Companies (Associated). The defendants filed a demurrer to the declaration which was sustained. Subsequently, the plaintiff filed two substitute declarations, to each of which demurrers were sustained. The case is here on the plaintiff’s exception to the sustaining of the demurrer 1 to the second substitute declaration.

The material allegations in the declaration are as follows. On July 22, 1960, and August 16, 1960, the trustees of…