Southerland v. Decimo Club, Inc.

The Chancellor.

Upon the question of whether or not the so-called plan is effective and in operation, there is a dispute. *190The circumstance to which the defendant’s witnesses point as showing that the plan is not in operation is this, namely, that certain assets have not been transferred by the club to the trust as contemplated by the plan, and therefore the latter is not yet effective. To this it is to be said that the transfer of the assets referred to does not appear to be made a sine qua non of the plan’s operation. That the trust, notwithstanding the absence of the transfer, is an active…