Fairfield Holding Corp. v. Souther

The defendants, who are trustees of the Souther Land Trust, hold under a declaration of trust the legal title to several parcels of land for the benefit of the shareholders or beneficiaries. The property so held is represented by six thousand shares, each of the value of $80, for which certificates were issued, dated and signed by the trustees, over the transfer of one of which the present controversy arose. The certificate in question was issued to Elizabeth S. Souther, hereinafter referred to as Mrs. Souther, who was a shareholder as well as one of the trustees when the trust was…