Griffin v. Haden

A deed executed by a private corporation, conveying land to another corporation as trustee and as security for payment of certain bonds issued by the grantor, conferred certain powers and imposed certain duties upon the trustee and its successors and assigns, with reference to the trust. The deed also provided for selection of a successor to the trustee by the stockholders of the grantor, but did not contain any provision for selection of a successor of the trustee by holders of the secured bonds. Held:

1. “One who creates a trust has a right to provide a method for filling vacancies and for…