Southern California First National Bank v. Quincy Cass Associates

Opinion

McCOMB, J.

Defendants appeal from a judgment in favor of plaintiff in an action to impose a constructive trust on certain stock.

Facts: Kenneth B. Cannon (hereinafter referred to as “decedent”) owned a business which he desired to expand. January 18, 1950, he executed a letter agreement with defendant Quincy Cass Associates, a California corporation (hereinafter referred to as “QCA”), in which decedent agreed to incorporate his business as Eastman Pacific Company (hereinafter referred to as “Eastman”) in return for 30,000 shares of common stock and to give QCA 5,000 shares if and when…