Cherry v. Aetna Casualty & Surety Co.

Mr. Chiee Justice Wilson

delivered the opinion of the court:

The Danville Hotel Company, a corporation, on November 11, 1925, entered into an agreement with Charles Benson, Inc., building contractor, for the construction of a nine-story hotel building in Danville, Illinois, (afterward known as the Wolford Hotel,) for the amount of $604,899 cash and $217,800 in common stock of the hotel company. Certain of the funds for the construction of the building were provided or to be provided by the sale of stock of the corporation. The hotel company, on March 31, 1926, executed and delivered a trust…