Reilly v. Clyne

— The plaintiffs, alleging themselves to he the trustees of the International Investment & Con struction Association, brought this action against defendant to recover on a promissory note made by defendant to plaintiffs in their collective name. The payee is what is known as a common-law business trust, or what is generally designated in this country as the “Massachusetts Trust.” The declaration of trust, it is asserted by plaintiffs, which we find to be true, is almost identical with that involved in Williams v. Milton, 215 Mass. 1, 102 N. E. 355, which was held by that court to be “an…