Kroger v. Truitt

This is an appeal by the defendant from a judgment in favor of the plaintiff in an action to impress a trust on certain property of the Estate of Charles C. Truitt, Deceased.

In his lifetime Charles C. Truitt was president of Dried Food Products Company which specialized in manufacturing dried eggs. The company issued both preferred and common stock. A portion of the stock was transferable without restrictions imposed by the Commissioner of Corporations, and a portion was in escrow and could not be sold without his permission. The unrestricted stock is herein called “free” stock and the…