Guaranty Title & Trust Corp. v. United States

In 1873, the Vue de L’Eau Company, a Virginia corporation, owned a tract of about 294 acres at Hampton Roads, Virginia. It platted the “Prize Lot Reserve” (hereinafter called the “Reserve”), containing 4.55 acres, into lots and streets. In January, 1874, after having sold seven of these lots, it made an assignment for the benefit of its creditors and conveyed to trustees all of its land except the Reserve. Then the company became dormant. No organization was kept up. It had no directors or officers. But there was no formal dissolution or surrender of the charter. Thereafter, no action was…