Van Vechten v. Terry
New York Court of Chancery
THE bill in this case was filed for the sale of mortgaged premises, mortgaged to the plaintiffs by the defendants, as trustees, in pursuance of a trust contained in the deed to the defendants, for lands in the city of New- York, commonly known by the name of the Washington Hall, purchased by a joint fund, raised by a subscription in shares, by above 250 subscribers. The title to the property was never in the subscribers.
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THE bill in this case was filed for the sale of mortgaged premises, mortgaged to the plaintiffs by the defendants, as trustees, in pursuance of a trust contained in the deed to the defendants, for lands in the city of New- York, commonly known by the name of the Washington Hall, purchased by a joint fund, raised by a subscription in shares, by above 250 subscribers. The title to the property was never in the subscribers. There was a demurrer to the bill for the want of parties, inasmuch as the subscribers, or stockholders, were not made parties.
1Opinion of the Court
The Chancellor.
[ * 198]
The trustees were selected in this case to hold and represent the property, for the sake of convenience, and because the subscribers were too numerous to hold and manage the property as a copartnership. The trustees are sufficient for the purpose of this bill, which is for a sale of the pledge; it would be intolerably oppressive and burdensome, to compel the plaintiffs to bring in all the cestui que trusts. The delay, and the expense incident to such a proceeding, would be a reflection on the justice of the Court. This is one of those *cases in which the general rule…
2Cited by17 opinions
- Wood v. DummerU.S. Circuit Court for the District of Maine · 1824
- Chicago & Great Western Railroad Land Co. v. PeckIllinois Supreme Court · 1885
- Board of Supervisors v. Mineral Point RailroadWisconsin Supreme Court · 1869
- Robertson v. Van CleaveIndiana Supreme Court · 1891
- Holmes v. GrantNew York Court of Chancery · 1840
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