Union Guardian Trust Co. v. Ayers

This bill was filed by the plaintiff, as trustee of the Union League Building Corporation, a bankrupt, to recover unpaid stock subscriptions or such proportion thereof as may be required to pay the debts of the corporation.

The only defendants interested in the appeal are Clarence L. Ayers and Walter C. Cole. They filed motions to-dismiss the bill. The court granted them and the plaintiff appealed.

The Union League Club of Michigan was organized as a nonprofit corporation. Its main purpose was to erect a club building. To accomplish this purpose the club secured two long-term leases ,on Detroit…