American Loan & Trust Co. v. Northwestern Guaranty Loan Co.
Massachusetts Supreme Judicial Court
Bill in equity, filed August 2,1893, to obtain the instructions of the court as to the distribution of a fund deposited by the Northwestern Guaranty Loan Company, one of the defendants, in trust with the plaintiff. The case was referred to a master, and upon the coming in of his report was, by Holmes, J., reserved thereon, and the exceptians thereto, for the consideration of the full court. The material facts appear in the opinion, and in notes by the reporter.
1Opinion of the CourtBarker, J.
Under an agreement of May 8, 1886, the plaintiff holds a trust fund, established by the Northwestern Guaranty Loan Company. The distribution of this fund is the subject of the suit. The value of the fund is not less than $70,000, and not more than $75,000, while the amount of claims is in excess of $2,800,000. The case was reserved for the determination of the full court upon the report of a master, and upon exceptions thereto.
The claims proved are of three general classes. First, claims based upon guaranties made by the Northwestern Guaranty Loan Company of short-time negotiable promissory…
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