Wright v. Delafield & Curtis

23 Barb. 498
New York Supreme Court·Decided February 12, 1857·Published·Cited by 1 cases

Opinion

By the Court, Mitchell, J.

Previous to "November, 1835, Peter, John, Thomas and Collin Mitchell, Richard Camochan, Thomas Yermilyea, B. W. Rogers, John Graham and Benjamin Marshall were interested in lands in Florida, known as Forbes & Co.’s purchase, and amounting to about 1,200,000 acres. Their title had been in dispute, but was confirmed by a decision of the supreme court of the United States. On the 28th of November, 1835, they agreed that each proprietor should vest, by regular deeds, the whole title to the .lands, legal and equitable, in three trustees, and that the affairs of the company should be conducted by six directors, whose powers and duties were regulated by the articles of association. The land thus conveyed was to be represented by scrip to be issued by the trustees to each proprietor in proportion to his interest in the land ; each share to consist of 500 acres, and the whole number of shares to be 2400; saving shares enough to satisfy a mortgage upon the land “ so that the entire title” (to the land) “ unincumbered, in law and equity, shall be fully, absolutely and unconditionally vested in the said trustees, that they may immediately make legal titles to all purchasers, and divide the proceeds among the stockholders.” The land was to be conveyed to Louis McLane, Charles Augustus Davis and Joseph M. White, to hold to them, their successors and the survivor of them in trust for the benefit of the proprietors, and in trust to convey the same in the manner prescribed in the articles. Contracts for the sale of the lands were to be made by the board of directors, and notes and bonds to be taken by them, payable to the trustees; and deeds of conveyance were to be executed by the trustees, or any two of them. The trustees were to hold their [507] offices for three years, at the expiration of which time the trust was to close, unless renewed by a vote of the directors. After the three years, the stockholders or two-thirds of them in interest concurring, might alter or modify the provisions of that agreement in such manner as they might think most conducive to the interest of the concern ; provided that no alteration should be made to change any contract for the hypothecation or pledge of scrip for the payment of any loan to extinguish mortgages or other liabilities authorized by these articles. In pursuance of this agreement, the proprietors) on the same 28th day of November, 1835, by deed of that date referring to the above agreement, and for the purpose of making the land available in the most expeditious manner■, and reciting that it was to be conveyed to the trustees above named on certain trusts specified in the articles, conveyed to the trustees “ parties of the second part, and to their successors, all their right and title in law and .equity” to said lands, “ to hold to the use and benefit of the stockholders” and to the several uses, interests and purposes in the said memorandum of agreement set forth. No words of inheritance, and no express words showing the duration of the trust or of the estate granted, were expressly used. On the 28th of November, 1838, an agreement was signed by the owners of 2233 out of 2400 shares¡ pursuant to the clause contained in the original articles, modifying those articles in several respects, and among others, appointing Lewis Curtis and George Griswold trustees in place of the three trustees, and directing these last to convey to the two new trustees the legal estate in the lands, and declaring that the new trustees should hold their offices for the term of five years from the date of this last instrument, unless among other things, those articles should be altered and new trustees appointed; and also providing that at any time after the first year “ the stockholders, or two-thirds of them in interest concurring,” might appoint new trustees, and alter or modify the provisions of the articles and of this last agreement, in such manner as they might think most conducive to the interest of the concern, but with the proviso contained in the first articles. The number of directors was reduced to [508] five, and it was made their duty to make sales of the lands in such manner,- and to such persons, and. for such prices, and to take such security, as the majority of the directors should think proper. They also had power to appoint a secretary, and such surveyors and other assistants as might be necessary, and in general to do all things necessary and proper to carry the objects of the trust into effect. The trustees were to make conveyances to such persons as the directors should order and direct. On the 29th of November, 1888, by deed reciting, in substance, the articles of agreement, the deed of 28th November, 1835, the instrument of 28th November,-1838, and its direction to the original trustees to convey, the said trustees conveyed to Lewis Curtis and George Griswold, their heirs and assigns, all and singular the said tract of land, and all the estate, &c. of the said three trustees, to hold to the new grantees, their heirs and assigns, as joint tenants and not as tenants in common, in trust for the use and benefit of the stockholders and for the purposes in the original instrument, and in the instrument altering it, set forth.

Free access — add to your briefcase to read the full text and ask questions with AI

Wright v. Delafield & Curtis, 23 Barb. 498 (N.Y. Super. Ct. 1857).

23 Barb. 498 (Wright v. Delafield & Curtis) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Related

Fellows v. Heermans
4 Lans. 230 (New York Supreme Court, 1870)