Lulay v. Lulay

Defendant appeals from decrees which imposed a trust in favor of plaintiffs on certain shares of corporate stock that plaintiffs transferred to defendant in 1947. The evidence as to both cases is identical so they were consolidated for trial and appeal. Since we hold that plaintiffs’ claim is barred by laches we will not reach a decision on the existence of a trust.

Some years before 1937 the Lulay Brothers Lumber Co. was formed by defendant and his three brothers. The total capital stock of the company was 160 shares, divided equally between the four brothers. Plaintiff Vincent Lulay,…