Brown v. Schade

BASKIN, Judge.

Robert Schade, one of the participants in a land development venture, sued James Brown, another participant, who had been named trustee in the “MEMORANDUM TRUST AGREEMENT” executed by the parties. The agreement states: “the undersigned have pooled their funds in the manner hereinafter specified for the purpose of investing jointly in parcels of real estate” and “James M. Brown has agreed, as a matter of convenience to the group, to receive and disburse the funds of the group as Trustee and to take title to said real estate purchased in his name as Trustee....”

Contending that…