National City Bank v. Squire

During the nineteen hundred and twenties particularly, it was the practice of a number of trust companies in Ohio to invest the funds of trust estates under their control in what are denominated as land trust certificates. Ipso facto investments of that kind were then lawful. These certificates represent an undivided interest in the equitable ownership of real property, legal title to which is held by a trustee for the benefit of certificate holders.

The ordinary method of creation is for the owner of the legal title of the real estate selected to transfer it by-deed to a trustee, who…