American Cedar & Lumber Co. v. Gustin

In 1908, William H. Sanborn, William T. Hoey and Frederick H. Reibenack were the owners of a considerable tract of land in Alpena and adjoining counties and conducted lumbering operations thereon. The title to the lands was in Sanborn. At the same time the defendant Gustin owned a still larger tract in the' same counties. Under agreement between the parties, Gustin transferred his lands to Sanborn as trustee. The lands were to be lumbered and sold on joint account and the net proceeds divided. Soon after this agreement was entered into, the plaintiff corporation was organized, the three…