Mack v. Passaic National Bank & Trust Co.

McLAUGHLIN, Circuit Judge.

In 1907, Passaic Trust & Safe Deposit Co., of Passaic, New Jersey, the predecessor of Passaic National Bank & Trust, Co., conveyed approximately 250 acres of land to two newly incorporated New Jersey cemetery'associations, East Ridge-lawn Cemetery , and West Ridgelawn ’ Cemetery.1 The land thus conveyed was to be used solely for cemetery purposes. Thé arrangement for paying for the land was as follows: As the cemetery plots were sold the cemeteries were to -pay to the Trust Company (1) an amount not less than 6$ per square foot-which would be set aside and adminis-:…