Leighton v. Leighton Lea Ass'n

The defendant the Leighton Lea Association, a domestic corporation, was incorporated March 13, 1891, pursuant to chapter 122 of the Laws of 1851. It, had an authorized capital of $120,000, and in its articles of incorporation it stated that it was organized “To accumulate a fund for the purchase of real estate, and make improvements thereon and to provide building lots or homesteads for its members.”

It seemed to he the scheme of the incorporators to get title to a tract of land and, after dividing it into lots, to convey them to the members as they would pay for them, and have any lands thus…