Consolidated American Royalty Corp. v. Taliaferro

McDERMOTT, Circuit Judge.

No. 1187

These appeals arise from proceedings subsequent to the decision of this court in Greer Inv. Co. v. Booth, reported in 62 F.(2d) 321, 324. We there held'that a transfer of all the properties of the Petroleum Royalties Company, a common law trust, to a corporation of the same name was void. Our opinion further held that “Upon such restoration, the shareholders who had exchanged their shares would be entitled to have their Trust certificates restored.”

Plaintiffs in that case were in part shareholders in the trust who had been fraudulently induced to exchange…