Oiler v. Dayton Reliable Tool & Mfg. Co.

Plaintiffs, the appellees herein, are former employees of defendant Dayton Reliable Tool & Manufacturing Company. As such, they became third-party beneficiaries under a profit-sharing agreement entered into between Reliable and defendant TMrd National Bank and Trust Company, the trustee.

This agreement was made on August 20, 1963. It provided that on August 31,1963, and each year thereafter on the same date, which was referred to as the end of the fiscal year, Reliable, by action of its board of directors, would pay to the bank contributions witMn a specified maximum; that the bank, as trustee…