Republic National Bank & Trust Co. v. Bruce

Mr. Judge Martin

delivered the opinion of the Commission of Appeals, Section B.

We give here only the substance of the controlling facts in this case. A more detailed statement will be found in the opinion of the Court of Civil Appeals. Bruce et al. v. Republic National Bank & Trust Co., 74 S. W. (2d) 461.

The North Texas Trust Company was the owner of paving-certificates. In 1927 a trust instrument was executed and delivered by it, naming the North Texas National Bank trustee, and the holders of “Participation Certificates” as beneficiaries. By its terms such “Participation Certificates” were…