alfred d chandler_express trusts under the common law

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HE CO LA

A Superior and Distinct Mode of

Administration

Distinguished from PartnershipsI

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Contrasted with Corporations

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Two papers submitted to tile Tax Commissioner of

Massachusetts, under Chapter 55 of the Resolves

of 1911, requiring u report from him on

",TOLUNTI\l l .Y ASSOCI1\TIONS"

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By...,..(

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ALFRED D:)·ciiANDLER~ ESQ ... . . ~

• BOSTON•

LIT '.·1.E~ BR0 \VN & Co.

1912

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q:J, & ,(~OP\'RIGIIT, 1912

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By chapter 55, Resolves of 1911, the Tax Commissionerof Massachusetts was directed to make all investigation

of Voluntary Associat ions organized or doing business illthat

Commonwealth under a written instrument or declaration

of trust, the beneficial interest under which is divided illo

transferable certificates of participation or .sharcs, wi th uI-

view to determining the present legal status of such Volun-

tary Associations and whether or not their prohibition orIurther control and regula tion by th a t C0l11111011weal t 1 1 is

advisable and in tile public interest. The resolve is as

follow s: _. -

CIIAPTER 55.

RESOLVE TO PROVIDE FOR AN INVESTIGATION OF J'O/"UNT;IRY

A SSOCIA T IONS ORGANIZ.~D OR DOING BUSINESS IN_14

111S

COMMON\VEALTII UNDER WRI'IrEN INSTRU-

MENTS OR DECLARATIONS ·OF TRUST.. .

RESOLVED, That the tax commissioner Is hereby authorized and

directed to make an Investigation of wlu,,'ar, ossoc;allo"s orgunlzed or doing

business in this Commonwealth under a written instrument or declamtlon

of trust, the beneficial Interest under which Is divided Into transferable

certificates of participation or shares, with a view to determining the pres-

ent legal status of such voluntary associations, and whether or not their/1rol116;l loII or !"rllur (o,IIrol alftl r~tulQlionby the Commonwealth Is udvlsable

and in the public interest. The attorney ..general is hereby directed to ~ive

the tax commissioner such assistance as the latter may desire in makingthis Investigation, and said commissioner nlOY if he deems It advisable

hold public hearings, after due notice, and shall consult with the board of

railroad commissioners and the board of ias and electric IIlaht commis-

sioners with especial reference to the effect of such voluntary associationsupon the supervision and regulation of gas, electric llght and street rallway

companies in thls Commonwealth. The tax commissioner shall report the

result of his Investigation to the general court on or before the second Satur-III

day of January, nlneteen hundred and twelve, with such recommendations

as he may deem advisable: and he shall submit, with his report, drafts

of any bill or bills necessary to carry Into effect any recommendation whichhe may make. In conducting the above Investigation, the tax commls-

sloner may employ such assistance and Incur such reasonable expenses,

not exceeding twenty-five hundred dollars, as may be approved by the

governor and council; and sold commissioner shall have power to requirethe attendance and testimony of witnesses and the production of all books

and documents relating to any matter within the scope of the said Investi-

gation. Witnesses shall be summoned In the same manner and be paid the

same fees 8& are witnesses In tIle municipal court 01 the city of Boston,

(Approved April 15, 1911.)

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CIT~\TIONS.Pa~c

A n1es' eu ses on Trus ts Ii t • t •••• I " • ~ ,. ••••• I •••• -I I .. , . a _ 33Bunk of Topeku v, Eaton. 100 Fed. Rep. 8 ,........ 31, 33II II 'Ck 'sCon8 tit uti 011111 I..W . i • • • • I • ,. • • • • • • • • I • I • • • • ~ t • • • • , • • • • • ~I • ,. • •• 10Broadway Nat, Bunk v. \Vood, 1651\11199.112 33Brown v•• :astern Slate Co., 1M Mass, 590 , 33

Cooley's Consti tu tional Limita tions " 34COl v. Hlckman, 9 C. 8. N. S.47; 811. of I..Cases 268 . . . . . . . . . .. 28, 29, 30

Eliot v. Freeman, 120U.S. 178 ~~. ,.. ~~.. ~~ ~~.. ~ ~ ~~.. i • 13, 26Everett v. Drew, 129 ~tass. 150 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . lS,31

Farmers' Loan and Trust Co. v. Chicago, etc .• 27 Fed. Rep. 1.46 9Federal Consti tu tlon, Art. IV, Sec. 2 9Federal Statutes, Annotated, "01. 9, pp. 178-9 9

George on Portn ersh ip .......,....................................... 30Gilmore on Parrnershlp , , 30Gleason v. ~lcKay, I '41\1088. 419 17.18, 19, 23, 28, 29, 34Governor Fernald of Malne . t • t ••••• t ••••••• ~ •• I •• ~• • • • • • • • • • • • • • • • •• I

Humtlton's (Alexander) \Vorks 6, 23Ilcwitt v. Phelps, 105 U. S. 393 , 331I1.!3SCy v••o\rnold, 185 Mass, 202 31

Johnson v. Lewis, 6 Fed. Rep. 27. . . . . . . . . . . . . . . . . . . . .. 19, 28, 29

Luckett v. Rumbaugh. 45 Fed. Rep. 2,~ 19, 27Law Quarterly Review, Ocr., 1905, p. 365 . . . . . . . . . . . .. 18

Mason v. Pomeroy, 151 Mass. 164; 7 1 . . . It. A. 771 19, 28, 29, 33

Mussachuserts Business Corpornrlons, 111\11 . . . . . . . . . .. 18l\layo v. Mortte, lSI Muss. 481 . . . . . . . . . . . . . . . . . . . . . . . . . . . 19, 28, 2Q , 31, 33 •~lnler v, Slrnpson, 107Va. 476; 18 L. R. /\. IN.S.) 963, note · . . . . .. 30Mlnor v. \Vlnthrop, 162l\lass.113 34

Norton v. Phelps, 54 ~li89. 467 33

Odd Fellows Hal] Association v. l\lcAlIister, 1531\ln88. 292 33O'Keeflev. Somerville, 1901\1~IS8.110 . ~~t •• ~~ ••• ~ ••••• ~ •• ~ •• ~ ~ •••••• 17Opinion of the Justices, 196 Mass. 603 ..... , . . . . . . . . ... . . . . .. 17, IS, 23, 34

Page on Con trae ta , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31Pa rs0n son Con tra c ts I ~ .. • " • t • • • • • t • ~ • • • • • .. • • • • • • • • • • •• 31Parsons on Partnership 15, 27, 33Pa u I v• V i fgin I", 8 \V a 1 1 . 168 9Perry on Trus ts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9. 32Phillips v. Blatchford, 1311\11\89. 510 . . . . . . . . . . . . . . . . . . . . . . . . . 20, 28, 29

Ricker v. American Load and Trust Co •• 140 1\11188. 346 ~. & • t • ~ ~ ~ ~ • ~ 26Roby v, Smith, 1311l1d. 342; 151.,.R. A. 792 9

Shirk v. City of La Fayette, 52 Fed. Rep. 857 . 9Shumaker's Law of Partnership 30Simmons. l\lr. J.Edward (Banker) 20Smith v. Anderson. L. R. 15, Ch. D. 247 ... . . . . . . . . . . . . . . . . . . . . 19, 27. 28Spotswood v, Morrts, 12 Idaho, 360; 6 1 1 . It.A. (N. S.) 665 , 16Stor y,8 ..qu I tY . . .. • • . . • • . • . .. . .. . .. . .. . .. . .• • . . . • . .. . .• . . .. . .. . • .. • . 33

'faft v. '\' ard, I06 ~III88. 5 1 ' 8 . I • • • • • • • ~ t • • • ~• • • • • • • • • • , • • • • • • • I ~ • • • _ • • 6 20

Taylor v. Davis, 110 U. S. 330 19, 27, 31Trus tees' Jla nd Book. Lorl.rg. . . . . . . . . . . . . . . . . . . . . . . _. . . . . . . . . . . . . . . . .. 31

Underhill on Trusts . . . .. 9, 33

\Vnld's Pollock on Contracts . ~, * • •• ••• • I I •••••••• ~I ••••• ~ ,. ••••• , 21, 26"'arner v, Beers, 13 \Vcndell, 103 18.12, 23, 31\Velles-Stone Mercanrlle Co. v. Grover, 7 N. D. 460; 41 L. It. A. 251 .... 27, 28.

· 29, 32, 33\Voerner on Adminis tra lion . I ~ •• II • ~ •• I •••• ~ •• , •••• ~ •• 4 ••••••••• , • • • 31\\'lIson, The lion. \\'oodro,,' 5, 6, 20. 35



Erpress Trusts. Corporations."Voluntary Associations."

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I;'irst Paper, N O'·CI111.)Cr 20, 1911.

The Hon, Woodrow Wilson, in his cogent address entitled

"The Lawyer and tile CUI1111111llit)'," before the AmericanBar Association, at Chattanooga, Tenn., August 31, l!l] 0,

transmitted later in pamphlet form, challenged tile profcs-

sion in demanding that th e im per sonul feature of corpora-

tions should be rest ricted as the one obstacle that has

blocked progress toward efTcc t ivc corpora t ion reform. 'I'llis

question, IIC sa)·s: ·

"Stands In the Ioreground of nll modern economic questions so fur liS

the United Stutes Is concerned." . .• "Liberty is always ptrsonQI, never

al\llrellatc: ,,1\\'oY8 11 thing Inhering in individuals tskcn singly, never in

groups or corpurutlons or communities. The Indlvldunl unit of society Is

the Indlvldual." • " "That Is why I "lend so earnestly for the lndl-

vlduullzutlon of responsibility within the corporation. for the estnbllshment

of the principle of law that u man has 110 more right to do 11 wrong as l'

member of a corporation than as 11n Indlvlduul."

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Mr. Wilson was promptly advised from Boston that his

call upon the profession had IJCl'l1 anticipated in Massachu-

sells by IIUI11Cr()uS I~XI)rCSS Trusts declared in that state.

and which exercise tile conunon-law natural right to CI111)1(») '

all the mere icidcn t SOl'- necessaries used in the manage-

111cnt or mobil it), of property, such as t ransf cral )It, shares,

bond issues, prom issory 11()tCS etc. t flu t wh ich do I1C)t and

need not arrogate any essential of , 1 corporation, such ,1S

merging natural 11crSOllS into an i1111)CrSOtl,ll, artificial entity,

or suing or being SlIC() under their designated IIall1C, and

which (w i til proper provision for rc im bursem en t) place upon

Trustees a personal responsibility that corporate laws .:•



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arc especially designed to evade, and which evasion, legal.

izcd by State Legislatures, both confirms th e popularity

and causes tile condemnation of corporations.IV Ir. W ilson w as referred to, among others, the example

furnished a century ago by Alexander H amilton, w ho em ..

ployed this trust method- ill usc long before his day ..

in organizing the M erchants Bank of New York; and he

was further reminded that sorno corporation promoters

might discourage this effective personal bulw ark : and that

States like M aine nnd New Jcr5C}', that have coined 111011CY

by marketing corporation charters created on" the imper-

sonal basis, might frown 1l1)011 th is sound, independent,

COll11110n-la\v trust method of administration,

?vIr. \ \~ison 1 1 r ( ) 1 1 1pt 1)' expressed his si ncere apprecia ti o n

of tile inform ation that had called llis attention "to a most

interesting 111at ter" which l1C wished 4'111orc carefully to..

look into after the distractions of the present carupaign arc()\'er."

I n guarding the State and the business world from the

pitfalls of impersonal corporate bodies, both the Bar and the

Bench should encourage th e application to affairs of the

clastic, effective, and well-grounded principles of COll1111()t1-

law Express Trusts. Mr. Wilson, ill his Chattanooga

"u(l(lrcss, insisted that although

"Corporations must continue to be used as a convenience In the trans-action of business, yet they must cease to be used as a covert to wrong-doers .',

"It 18 the duty of lawyers, of all lawyers, to assist the makers of law and

the retormers of abuses by polntlnA out the best and most effective way:tomake it."

Express Trusts, which now meet with augmented ap-

pro,...al in Massachusetts, and tile merits of which tile

country at large begins to appreciate, put the legal estate..



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entirely in one or more, while others have a benefic ial iter-

est in and out of tile same, but arc neither partners nor agents.

This simple, adequate, common-law right, any person orgroup of persons su! juris may exercise, tile Trustees

issuing certificates of Leneficial interest divided into shares,

as wel l ,IS issuing bonds UllCI other obligations, as freely as

they open a bank account, have a IlUSS ( look, and draw and

circulate checks, or make whatever contractual relations

arc allowed to I)C rSO ll~ as '~l' natural right,

Express Trusts 11a\'C been in su cc essfu l opera tio n in GreatBrita in and America for generations. Tiley 11UVC been

and arc applied w isely in both hemispheres to property

valued a t hundreds of millions of dollars, To affirm at

this (late that considerations of public policy (10 not COUlltC·

nance Express Trusts that utilize conventional business

necessaries is to challenge sound economics. Public policy

is not always immutable. Neither lawyers nor laymen

call ignore experience or the truth. It was Coleridge

\,,110 wrote that UA man who squares h is conscience

by the law was a common paraphrase or synonyme of a

w retch w ithout any conscience at a ll." If pub lic policy

ill this instance is to be measured as it should be- ·by a

standard of stability rather than of instab ility , tile startling

contrast presented later between Express Trusts and Massa-

chusetts corporations ought to 1110dif}9 some notions ofpublic policy. It is tile substantiality of the trust principle,

based upon personal responsibility ~111(1C t 1 i . C i C I 1 C Y , that IlHS

so commended it over loose, evasive corpor arion law s found

'from the Atlantic to tile Pacific.

·Well-drawn modern EXIJrCSS Trusts avoid 110 legal obliga-

tion, much less do they evade ally. If perverted they

should of course be restrained. They avoid needless busi-n ess o bsta cles; tile)' require 110 arbitrary f ix ed capita liz a-

tion; they call dispense w ith the deceptive fiction of a par

value, a fic tion that the: N ew York State Bar Association

is reported to have indorsed "as a tool of many rascals..

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with euading a nearby licensed barroom . The latter may

of tell be wisely avoided.

As for the equitab le law s that regulate trusts and Trus-

tees, the)' are a w ell-form ed SYStCll1 which M r. J usticcStorypronounced as even more symmetrical in the United States

than the original system in England.

M r. Perry, 011C of America 's leading auth orities l11)()11

trusts, affirms that: ...

"Every kind of valuable property, both real and personal, that CUll be

assigned at law may be the subject-matter of 11 trust," And further: _.

"The person who creates the trust may mould it Into whatever Iorrn he

pleases. tt (Perry on Trusts, I, §§67, 287; Undcrhill on 'I'rusrs, p. 57, Arner .Ed.)

The Federal Consti ttltion protects Trustees ,IS "ci tizcns"

throughou t COIl ti ncn tal U 11ied States; IJU t C(JI'T)()ra t ions,

110t being "citizens" as that word is used in the Constitu-tion, do not have the privileges and immuni tics of c itizen s ..

Corporations cannot enter another State CXCCllt on the terms

which that State prescribes. But Trustees under ,1 w ill , or

under all express declaration of trust, arc natural persons

ane) arc "citizens" ill the fullest SCllSC under tile Constitu-

tion, and, as natura l persons I)OSSeSsc()of both state ancl

national citizenship, arc "entitled to all the privileges andimmunities of th e citizens in th e several States."

III

Fed. CO". , Art. IV. Sec. 2.

F arm ers' L oan & Trust C o. \'. Chicago. etc., 27 Fed. Rep. 146, 149.

Shirl v, ("it, 01 I~ a Fayette, 52 Fed. Rep. 857.

Roby v. Smith, 131Ind. 342, 345-6; 15 L. R. A. 792, '·)4-5.

9 F ed era ! S ta tu te « Annot., pp, 178-9.

M r. Justice Field of th e SUIJrenlC Court ()f the U. S .• in

11is opinion in the famous C,lSC of PlLUl v. Virginia, 8 Wal-

lace, 168, 180, wrote: ·

"It has been Justly said that no provision In the Constitution has tended

so strongly to constitute the citizens of the United States one people 3S

this. ,t



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Tile purpose for which this clause was inserted in tile

Consti tution

"was to prevent the States from making invidious discrimination against

non-residents, and to promote the unification of the American people, bybreaking down State lines, in respect to the enjoyment of social and busi-

ness privileges and the favor and protection of the laws." (Black's Const.Law, p. 292.)

In most cases business men (10 not need a corporate

charter, CXCCIJt for railroads, for the right of eminent (10-

main, for banks, for insurance, and for certain public ser-vice functions. IIImost cases the State gives 110 adequate

equivalent for its charter. It is of tell a useless incum-

brancc; and it often stimulates mercantile iniquity.

Our corporation laws throughout this country have be-

come such a legalized means of erasion because of tile

impersonality, the artificial entity which they sanction,

that they have elicited caustic criticism from executives,

economists, educators, and business men.

III conservative Massachusetts over four thousand (4,154)

of its State corporate charters, representing many millions

of dollars of authorized capital stock, were dissolved by its

Legislature in the last five years, an average of over two a

day, omitting those otherwise dissolved. This shows thateven Massachusetts' conservative corporation la,vs are a

delusive will-o' -t he-wisp to thousands of impressionable,

misdirected people. This State incorporates about 1,200

or 1,300 companies a year, making for the past five years

from about 6,000 to 6,500. and over 4,000 -_.or about 64

per cent· ·were dissolved in that time. A very large num-

her of Massachusetts corporations appear to be mere fugitiveorganizations, based upon credulity, and to be plucked ill

transit. This State cannot in justice demand the applica-

tion of such an administrative system to every enterprise.

It cannot properly insist upon a uniform, undiscrinlitlatiIlg,

and often inferior business method, whether for industrial or



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taxation purposes, and then as an eXCllSC say that it is not its

function "to join ill tile futile attempt to save tile foolish

from the consequences of their folly." 'rile State's corpora-tion record in a large part 011 this score is sclf-incritllin~ltit1g.

Here it is condensed, tile list covering about ninety-four

pages of the State l a \ \ " s : . . . . . , _

MASSACIIUSETTS CORPORATIONS DISSOI~VE[)

IN TilE LAST FIVE YEARS.

Acta of1907. ch. 290. pp. 226-250

1909, ch. 347, pp, 296-324

1910, cit. 609, pp, 662-684

1911, ell. 363, pp. 331-351

Number

dl8ROlveti1,164

1,185

932

873

. " t I I I " 1 1 ..

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4,154. .

Con trast the above excessive corporate mortali ty wi til

.. the remarkable vitality of Express Trusts as furnished bythe lists of real estate trusts illBoston, published by Bur-

roughs & DeBlois, * th e first of w hich appeared in 1899, and

COIl rained seven teen SUCII trusts, every one of w h ich are

found today, with many more, 011tile monthly list which

that firm publishes, and which list now represents invest-

men ts of abou tone hundred and ten III illion dollars,

\Vc do not know th e whole 11Ul111)cr of real estate and of

industrial common-law trusts, as well as partnerships, that

make usc of transferable shares, and arc now operating in

Massachusetts and elsewhere. Btl t EXI)rCsS Trusts tinder

testamentary and other written instruments affecting inter-

ests large and small, as well as partnerships, number many

thousands. ~

Some States openly depend upon tile liberality of their

corporate charters to pa)' their expenses and to cancel

their debts. Stich a course is condemnatory. Sound finance

repudiates it.

• Real Estate Trust Stocks, 30 Kilby Street. Boston.



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Long before it was given, the decision of tile Supreme

Court of the United States last winter illEliot v. FreCIIZa1t,~... I , I.

220 U. S. Rep., p. 178. holding that EXIJrCSS Trusts invogue illMassachusetts ~111(1 elsewhere arc as free as part-

nerships from the application of tile Federal tax on doing

business under a corporate charter, had IJCCII anticipated•

and acted upon accordingly in Massachusetts. That dcci-I liM&

sion has a wider significance than 111a~'be realized ill the

transcontinental scope of its salutary application.•

A few stron g, I)erll1L111CJltExpress Trusts arc worth more

to this State and to the United States than the entire 4,000

chartered Massachusetts corporations cast by the whole-

sale into oblivion in the last five years by their 0\\,11 pro ..•

genitor.

•77~"

The Massachusetts Legislature passed a resolve (Resolves

'o f 1911, Chap. 55) to provide that tile Tax Commissioner

shall make an "investigation of Voluntary Associat ions

organized or doing business illthis Commonwealth under a

written instrument or declaration of trust, the beneficial

interest under which is divided into transferable certificates

of ..participation or shares, with a view to determ ining tile

present legal status of such Voluntary Associations, andwhether or not their prohibi t ion or [urther control and regu-

lation b)' the COmt l10n \VC ,1 Ith is advisable and in the public

interests." Tile Tax Commissioner \vas to rC IJOrt 011 thisI

on or before January 13, 1912.*

If such an inquiry is aimed at one or t\VO exceptional

organizations affecting certain public service utilities, thepublic should be frank ly informed thereof. But i f its object

is to put every personal Express Trust, (111d every partner-

ship, that makes lise of transferable shares, 011 a level with+

impersonal corporations, and to p roh ib it, or even to sub-. .. 1 1 1 .. ++~ ~

.1Ii~ report is dated January t7 , 1012. and found in Ho use D oc um en t No. 1646.



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ject every such Express Trust, and et'ery such partnersh ip ,

to an inquisitorial State control, though they are not created

by the State, and arc not a ll clothed with a public interest,then its purpose assumes a SCOI1C that requires extreme

caution on tile part of the Legislature.

Put in syllogistic form the proh ib ition aim of this

inquiry involves the following fa llacy : -

S 0 1 1 z e "voluntary associations" have been holding com-

•parncs.

S 0 1 1 z e holding companies are said to have (lone harm.

Therefore public policy demands that hereafter all

"voluntary associations" shall be prohibited.

The irrationality of the above will be more apparent

i f the syllogism is paraphrased thus: ~

Some lawyers have been Presidents of the United States.

Some Presidents are said to have done harm,

Therefore public policy demands that hereafter allla\vycrs

shall be prohibited.

This inquiry is directed to so-called "Voluntary Asso-

ciations." Can anyone satisfactorily define, or explain theorigin of, or justify the retention of that indefinite cx pres ..

sion, "Voluntary Association"? Is its antithesis, all "I n-

voluntary Association," ever used, either colloquially or

technically? The difference between creation by sovereign

power and creation by private contract is not a sufficient

basis for the term, The creation in' both cases rests upon

volition. The sovereign docs not force citizens to create;

organization is optional under the general corporation

laws. The term, however old, has no fixed application,

It is not analogous to a voluntary settlement or convey-

ance which depends upon a meritorious or natural rather

than a valuable consideration, upon blood or affection or

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liberality than upon a compensatory or material advantage .•

The definition of , 1 "Voluntary Association" as given

in the Century Dictionary is: .'t

"A society which is unincorporated. hIII 1101 a JJlJrl",rJhlp, in that the

members are not agents for one another.",

The w ord "V oluntary" adds nothing definite to tile

\v'ord "Association." The word "Associa tion" is understood

to mean a body of persons united without a charter, "Asso-

ciations" are sometimes partnerships, and oftentimes not

partnerships. "The true test of partnership is the inten-tion of the parties. " (Parsons on Part. § 54.) Associa-

tions to produce something and divide the product arc not

partnerships. (Id. § 61): As to work a gold 111illC and

divide the gold; to make and divide bricks; to fish and

divide the fish caught: to manufacture and divide lumber.

(Id. § 61 note, and §§ 445, 446.) Clubs and associations

for social or charitable purposes arc110t

partnerships.(Id. § 60.)

Colloquially a "Voluntary Association' 1 1 1 a y be any group

of persons, whether incorporated or not, Irom tile United

States Steel Company to a boys' baseball club, or a

women's sewing circle, united of their own volition: and

one and all will have a right to issue "transferable certifi-

cates of participation or shares," without thereby affectingtheir legal status.

The "Ladies' Soldiers' and Sailors' Monument

Association" (161 N. Y. 353), or a farmers' association

to construct and operate a telephone title (122 N. Y. S.

610), or the "Washington Tent No.1, Independent Order

of Rechabites," associated for temperance, sympathy, and

decent funeral obsequies (81 N. Y. 507), none of which

were held to be partnerships, might any or all have been

organized to use transferable shares, as well as the New

England Gas and Coke Co. and the NC\V England 111VCSt-

ment and Security Co. (198 Mass. 413, 425, 430), the•



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latter t\VO representing many m illions of dollars o f c ap ita l,

and all of the above may be, as they arc, referred to as

"Voluntary Associations.' *

We have corporations, joint-stock com panies (common

law and statutoryj), partnerships, "trusts" (m eaning corn-

b ina tions of corporations, a modern perversion or restric-

tion of the term trust); and now that inapposite, S\VCCP-

ing, indefinite designation "V oluntary Association" has

become the subject of a legislative inquiry in M a ssachu-

setts, which i f it resul ts only in helping to drive that ex...pression into disuse, will be ben efic ia l,

To attempt through legislation to synonymize or ttl

put on a parity "Voluntary Associations," Partnerships,

and Express Trusts created by private contract, and

maintain that all th ree arc like corporations created I))~

tile State, and to be regulated like corporations, merely

because the common-law right of issuing shares is exercisedby any OIIC or a ll of them , is to in vite c on ten tio n, A I 1 C l to

m a i n t a i n that I J C C a U 5 C some questionable "Voluntary Asso-

cia tions" 11a\~Coverstepped the m ark , that, therefore, all

Express Trusts, and Partnerships, anti "good" "Voluntary

Associa tions,' shall, wi thou t d istingu ish ing between pu b-

lie utilities and private enterprises, be "prohibited" or

"controlled ant} regulated' by th e State, is fallacious andpre j ud ic ia l,

The confusion and the constitutional conflict such a

course might incite recalls the sw i ft d isp ositio n the. writer

made with the State authorities thirty years ago, in 1881,ad ,

-T he definition given of "V oluntary A ssocia tion" by the Tax Commissioner in

his Report - Ho use D oc um en t No. 1646. p~2 is as follow s: ..

liThe term voluntary association a. generally used .ltnlfles an association "r perlona

witt, a combined capital, repre4ented by transferable sbare •• for the purpose o r carrylnllon a commen project ror gain."

But this attempt to narrow the term by so restricting its scope is arbitrary. Itseek s to accentuate the features of transferable shares and of gain. B ut there are

in numera ble so -c alled "Voluntary A ssoc iatio ns" w ith out tra nsfera ble shares, andvery m any with such shares carried on without trading w ith th ird persons fo r gain.

tScc th e leading case of S po lsu t{)o d , •• Morris , 1 2 Id ah o, 360i 6 1 .- .R • • 0 \ . . (N . S.)665 (1900).



17

of the Act of 1878 , CI1U(). 275. to tax "companies, co-

partnerships and other associations, illwhich tile 1)CI1Cfici~11

interest is heldill

shareswhich

arc assignable," ctc., whichAct, not long after, received its judicial quietus as un-

constitutional by the decision illGleason v. lllcKllJ', 134

Mass., 419 (1883), reaffirmed and given a new application

in 0'Keeffe v. Somervi l le . 190 1 \ll " 1 8 S . , 110 (1906), and (lis-

cussed in the Opinion of tile Justices in 190 1\1ass., 603

(1908).. .

The supposition that transferable shares arc , 1 peculiarprerogative or special privilege or attribute of corporations,

and that w hoever llSCS them is to be (Iisci IIIined ,1S copying

an essential of u corporate State charter. ur as nvailing

of an important characteristic of corporations, is a mis-

take. Transferable shares arc not an essential, not even

all attribute, not an inseparable or (list inguishing mark of

all)' corporat ion, bu t ~1mere icidcn t or necessary of some•corporanons.

The corporations that represent tile largest aggregate of

capital, and \"llOSC total business now exceeds thut

of tile Nation itself, issue no shares: these arc municipal

corporations. So, too, transferabili ty of shares is II0t

essen tial to chartered colleges, ~academies, hospi tals, ~111(1

· other corporate institutions, founded I))' public Cl1()O\\·_

11lCIlt or private beneficence. Nor arc such shares IICCCS"

sary ill many scientific and literary societies for mutual

bCIICfit or chari ty, i1 the funds of w hich the 111CIllhers

have a beneficial interest. On the other hand such u right

of transfer 111a}' he incorporated into partnership articles

or into testamentary or other express trusts, 311Cl become

a fundamental condition of them , w ithout altering theirlegal character, or trespassing upon any corporate attribute.

Legislatures UllCI even Courts have occasionally fostered

the above misconception: a11(1 Courts have I I U ( t to correct

themselves thereon. Mistaken ideas as to transferable



18

shares, as well as to other m ere incidents of corporations,

were analyzed and exposed over seventy years ago ill

N C\VYork in tile leading case of ll' arner v. Beers, 23 \\7 endell

Reports, I)P. 103, 116, 131i, 145 to 151, 174 to 176 (1840).Transferability of shares is recognized in Massachusetts

as a naturul right at COll1111011 law. Gleason v . Me Kay,

134 Mass., 419, 425 (1883). Opinion of th e Justices, 196

Mass. 603, 627 (1908),

I t is to be hoped that here illMassachusetts no revival•

of the abO\l'c-111clltiollCd mistake w ill m islead either its

Executive, Legislative, or Judicial Departments to believe

tha t such an error can be justified either upon economic

or upon legal grounds. Our free c ommon-law rights in thatrespect rest 011 too broad and sound a footing to be cur-

tailed by an assumption so narrow and mistaken, 'file

acquisi tion of a formal charter of incorporation only

recogn izes, but docs not bestow, these righ ts. (Sec' 'The

Personality of the Corporation and the State," in 21 LtnuQuarterly Rev iew , p, 365; at p. 370, Oct., 1905.) As for

listing shares ·on Stock Exchanges , tl10SC Exchanges have

their ow n rigid rules of acceptance or rejection which form

a pub lic safeguard.

Tile returns to the State required of corporations are

not because a corporation issues transferable shares, but

because the State is to k eep inform ation at hand of its

own corporate creations, or, as Mr. Hall expresses it: - ·

"The present law, passed In 1903, adopts the modern view that the State

owes no duty to investors to look after the lolvency of corpomtioos, andthat Ita sol ' oblit , , ' ion Is 10 see that eredltors and stockholders ahall be at

all times Informed as to the organization and management of the corpora-ttons to which ; 1 11"'5 /,0",6i"$.· t (M899. Business Corp. Hall. p, 3, 2d Ed.)

The present Legislative inquiry under Resolve 55, Actsof 1911, at the hands of the Tax Commissioner of the

State, appears to be based 011 the mistaken ideas (1)

that there is a corporate usurpation in all so-called "Volun-

tary Associations" \,'110SC beneficial interests arc "divided

,



19

into transferable certificates of participation cr shares":

and (2) that bCCHlt8C tile State feels bound to furnish in-

formation as to its impersonal ..·..general ty ' transitory ....

corporations to which it gives [ranchises, ~lI1(1 to regulatethose that arc clothed with a public interest, therefore i t

must furnish similar information as to prieau: persons to

whom it gives '110 [ranch ises and which t 1 1C)' do not 11Cl"(t.

and must regulate private interests even when not clothed

with a public character.

If such regulative or inquisitorial laws arc to Ill! valid

the}' should be uniform (G/(~aso1t \r. Mc Kay, 134 1 "1 ass.,419, 425-6), applying to all without discriminution, and

should include also a ll p artnersh ip s, for such IllUY issue

transferable shares representing millions of dollars. But

Constitutional provisions that prohibit unreasonable inter-

ferr-nce \\·ith pri va te r ig ll ts Cnl1110t be ignored.

The proper appellation for Declarations of Trust that

recognize common-law rights in matters of administration,and that restore the personal equation which State cor-

porations evade, is "Express Trusts," the laws ill regard

to which are well established. No such Declaration of

Trust should employ that all-inclusive, unfit term "Volun-tary Association."

Trustees under Express Trusts are 110t agents, but prin-

cipals, having the full title and control; and tile beneficiariesthereunder arc neither partners 110r agents. This is

elementary. If some authorities arc wanted thereon the•

following are to the poin t : ....·

~1(J~ov. 110,11., 151'lass. 481, 484.

Allllon v, PtnlJlr tU, lSI Mass. 164; 7 L. R. A. 771.Job",o. v. uw;s, 6 Fed. Rep. l7. 28.Ta,/or v, Darnl, 110 U. S. 330. 334-5; 28 L. Ed. 163, 165.

I_oci,,, v, Rumbau ," . 45 Fed. Rep. 23, 29.Smith \•. A"dtrIQ". L. R. 15. ChI D., 247, 275·6, 284-5.

'file above ruling cases are readily distinguished from tile

familiar class that ascribe a partnership character to ccr-



20

tail) "joint-stock companies," "associations," and admitted

to be "co"l>artnersilips," of which Taft v, l J ' a r c l , 106 Mass,

518, ~111(1Phillips v. Blatchford, 137 Mass., I)' 510, are types.

The late M r. J. Edw ard Simmons, President of tile

New York Chamber of. Commerce, and for twenty-two

years President of tile Fourth National Bank in New

York, in his address on Oct. 5, 1905, before tile Maryland

Bankers' Association, on "I-IOIICSty is the Best Policy,"forcibly emphasized the basic principle involved h erein .

Accord ing to the N C\V York Daily Tr ibune of Oct. 7, 1905, IIC

"laid his finger on the real trouble when he declared that the most demoral-Izln~ force In business today is the J;"tjlilllr~ 0/ Ptrsonal /w "or and personal

rtJ/IOtlsi6ill" allowed by modern methods. The estension of the principleof incorporation has enabled leaders in business to set up two standardsof morality, to maintain a Jekyll and Hyde duality, and to do us members

of an ;m/Wrso"ol and non-moral corporate body acts which they wouldshrink from as Individuals." • •• "What Is wanted. If we are to preserve!'!~!d ~tl1ndard8of honesty In business dealings. is adherence to the oldnotion of j,:r&Olltd resPOnsllJ;lil~ and personal Intcgrl ty."

"Men (said l\:i~. Simmons). who pose as the salt of the earth and whocondemn, without reserve, those who steal.S50, or forge a check for Sl00,or accept a bribe, will themselves make millions by lying. by fraud and bybribery. In private 11I.ethey are stainless, but In th e Interests of corpora ..

tlons, of the 'trusts,' of the gas company, of the railroad company, of theInsurance company, they will have recourse to every villainy damned In

the decalogue."

The HOI1. Woodrow \Vilson, ill his address at Chatta-

nooga, echoed the distinguished New York banker, Mr.

Simmons: and it behooves Massachusetts, now advancing

to restore that persoll·ality in adrninistration which

is the basis of liberty and of sound finance, not to embarrass ·

that movement - which finds an efficient bulwark in

Express Trusts but to consider legislation that will im-plant more vitality at the inception of its impersonal

corporate creations, and thus protect these artificial

entities front premature oblivion,



Express Trusts. Corporationsp

"Voluntary Associations."

. & n p n . . . . . . . . - .

.. Second Paper, December Ot 1911.

The public hearings gi von under Resolve, Ch. 55, Acts of

1911, 11a\'C emphasized some C()111111lHl errors: -

FIRST: That Corporatlons are supposed to 6tstou' numerous prlvl-Ieges, \Vhercas for the most part they merely rteogtlist a"d adopt certain

natural common-law rtghts that arc no' torporalt preroguttves or prlvileg~.

SECOND: That Corporations present the highest model for organizedcapital. Whereas of the three standards of administration offered by (I)

Corporations, (2)Partnerships, and (3) Ezpress Trusts, that of Corporations

Is the lowest, while that of Espres8 Trusts Is the hlg,hcRt.

TIIIRD: That Espress Trusts are Partnerships. Whereas the law of

Partnenhlpa Is a branch of the law of PrIncipal and Al\cnt, while Trustees

under an Espreas Trust are the absolute Principals, but accounting to thebeneficiaries, who have no powers eltber 88 Principals or Agents In actualadministration. This distinction Is clear and Indl8putable.

FOURTH: That prohibitive, or repressive, or regulatl,e legislation aa to

common-law modes of administration can be partial or unequal. WhereasInequality In that respect creates a Constitutional conflict.

,

•

•I • ~ ,

, Il I

J

I r.

I I

I I

j I

••

I I



22

•

FIRST.

That Corporations are supposed to bestow numerous privileges. Whereas-for the most part they merely reeogni6e and adopt certain natural common-law rlghts that are nol tor/Jorat, prerogatives or privileges.

Corporations, as a rule, bestow nothing save the artificial

entity that merges natural persons into all artificial being,

wi th the righ t to sue and to be sued in a corporate name:

and as the State creates these fictitious beings, it feels

bound to regulate them in some degree,

Whatever else most corporations possess bC)'OllCI their

artificial entity and right of suit in their respective names,

arc mere "consequences or incidents of incorporation rather

than primary constituents" (Wald's Pollock OIl COIl.,

p. 126), such as iss uing transf erab le shares, or lim iting lia-

bility, or using a seal, or making by-laws, or purchasinglands and chattels, these being merely a recognition and

adoption of natura l common-law righ ts that any person

or persons S 1 1 .- i . .juris may exercise w i thou t a charter. (Sec

lY'arner v. Beers, 23 v \T cl1(iell, PI). 103, 116, 130, 145 tC) 151,

174 to 176. \\iald's l>ollock 011 Con., p. 296.)...

"There are several very useful and beneficial QccesstJry powers or attri-

butes, very often accompanylng corporate privileges, especially inmoneyed corporations, which, In the existing state of our law, as modifiedby statutes, are more prominent In the public eye, and perhaps sometimes

in the view of our courts and Ieglslatures, than those which are ,ss, , ,Ual

to the being of a corporation. Such added powers, however valuable, aremere" accessor,_ They do not in themselves alone confirm a corporatecharacter, and m ay be enjoyed b , unin co rpor ate d in div id ua ls . Such a power is

tbe transferabllit, 0 1 shares. • •• Such, too, is the lim ited re sp on sib ility ••••

So, too, the convenience 0 1 hold;"g real Istat, lor the c ommo» p ur po se s, e xem p t/romth e letal inconoenience 0 1 joint tenancs or lenancy in common . Again: There is the

continuance 0 1 th « Jo;n' properl, fo r th e b enefit a nd /Jre se roQUo n 0/ 'he common lund.indissoluble II, the dea th or le ga l d is ab ili ty of any partner. Eo,,. , one of these

attributes or powers, though commonly falling within our notions of amoneyed corporation, is q uile u ne ss en tia l to the legalit, 0/ a eor/Joralloft, ma, 6e

found " , h e " there is no pretense of a body cortorat«; "or w ill the, make one i/ alltoer« combined. w it/w ul th« presence 0/ 'h e essen tta ! qualit, of legal ;tldividuaIiIJ,"

•

etc" p lr Senator Verplanck, in Ira,"tr Y. Beers, 23 Wend. 103, 145-6, et, seq.



..

2 3

The court ill that case (PI). 149-155) refers to several

trusts, and unincorporated associations, having the righ t

to employ such acccssarics, one of the more proruincn t

. being that of the Merchants' Bank, in tile cit), of NewYork, with lim ited liab ility as well ,15 Iran ...jcra blc sh are s,

the artic les of association for which were drawn hv Alex-•

andcr Hamilton. (H amilton 's Works, Congressional I~(I.,

\T I I. 8:38.)

•

"The most peculiar and the strictly essen tlnl charucteristlc of 11 corpo-

rate body, which makes it to be such, and not some other thit1~ in Il~ul con-

templarton, is the merging of the Individuals composing the ailltre~atcbody into o n« d istin ct, a rtificia l in divid ua l existence. Now this is "01 found inthe ussoclntions under the act." (Id. 23 Wend. p, 155.)

I

UBy our common ItlW as it would exist now, independently of statu-

tory restrictions. associations might be formed and trusts created,

having tvery ant of th e above e nume ra te d cha ra cte ris tic s, which have been insisted011 ItS essen tint to a corporation, ,. 'Ccept tha t /1trso'l(llily forming its strict and

n eces sa ry e ss en tio ! letal definit ion. tJ (Id. 23 Wend, I'P. 152-3. See also 174-6.~

111 the opi 11ion of the J ustices of th e Suprcme J url icialCourt of Massachusetts given to the State L.cgislaturc,

ill 1908, (HI the taxation of transfers of stock, is the Iol-

low ing: _..,.-

"Nonc of these statutes implies that no excise tax may be luld upon acompany, association, or partnershlp engaged In a simple business, like

husbandry, merely because the members agree among themselves that

their ownership shall be represented by transferable certificates of shares,

Such an arrangement between two or more nssoclares ;s a simple contract~

which the, have a righ t to m ake. and which givrs them " 0 franchise or p rivileg e from

th e government . Such an arrangement does not dlstlngulsh them In any

way that the State can recognize and make the foundatlon of an excisetax. This was expressly decided in Gleason v, l1fcKa" 134 1\1088. 419.' • Opi,, ·

io n of th e Justices in 196 1\lu89. 603, 627.•

The above applies to th e great generality of corporations,

1 ' 1 1 C right of em inent domain given to S0l11C IJU blic service

companies und to municipal corporations, and certainrights as to transportation, banking, insurance, etc., are

special privileges for which J11l11 ti tudes of corpora tions,

partnerships, and express trusts 11,lVC no need, and give as

little cause, therefore, either for prohibition or for special

legislative con trol .

...



25

+

• ..

I

oil. ~ ..\ ~ '"

I

. . . .

, ..r

Tile (tact rille of rcim burscmcn t to tru stcesr- and that of

it limited liability between trustees a nd c ontra ctin g parties,arc as much ill harmony w ith public policy, nnd arc as

fundamental ,111(1 well established as all)' doctrines under

which fiduciaries perform their duties, and in point of senior-

i~' Oll tra n k la tcr clay 1i11iell I i nh i l i t y partnersh i) s ta tIIes

a11(1 Imi tell 1iabil it~· corporat.ion sta ttles, \\"11ch 1 1 1 1 \ ) 1 ic

policy accepts, such statutes being a recognition of the

C01l1tllOl1 law. Itmay be safe to nffirm thar fo r n singleinstance of disappointm ent ill tile applicat ion of tl1CSC

doctrines there COlII(} be Found thousands of instances

where the wisdom of their recognition and cmploymcn t is

man iest.

To a ttC1111) t now IJ}' general reprcssi \~Clegi sla tio n tu in ter-

Icrc with what has }JCCII acquiesced ill so long, is so well

understood, is S{_) useful, and so accordant w ith publicpolicy , w ould IJC an economic error.

Our laws in regard to tcstam cntnry trusts under wills,

and to conveyancing, arc in daily force for the w elfare of

individuals and of the State: hut who would subvert their

confirmed principles IJCCHllSC an occasion < ' 1 1 defective will

or (Iced appears? Such casual slips can lJC rectified 1))1

tI1C111Sclvcs. The great curren t of legitimate procedureill tile CXCCllion of I~XI)reSS Trusts should not be ernbar-

rasscd because of some suspected transgression or 111is-

apprehended legal right.

,

I •



26

..

THIRD.That Express Trusts are Partnerships. Whereas the law of Partnerships

is a branch of the law of Principal and Agent, while Trustees under an Ex-

press Trust are the absolute Principals, but accounttng to the benefici-

aries, who have no powers either as Principals or Al\ents In actual

admlnlstratton. This distinction is clear and Indisputable.

joint-stock companies, ~18 known in England and in

some of the United Stutes," arc unknown to the laws of

1 \ ; 1assac h usctts.

Ricker v. Am erican Loan & T rtfS t C o., 140 Mass. 346, 347-8.su« v, Freeman . 220 U. S. 178, 187.

Express Trusts, whether created under wills, deeds of

settlement, assignments for tile benefit of creditors, re-

ccivcrships, or by special declarations of trust, to manage

property or carr)' on business, are neither corporationsnor joint-stock companies nor partnerships, but they em-

ploy a distinct and the h ighest knoum m ethod of iulin in is-•

Iratio It.

"Although every trust may be said to include a contract, ;1 ;ncludts

so m uch m ore, and the purposes for which the machinery of trusts isemployed arc of so different a kind, that trusts are distinct in Q marked waJ ' .

not merely from every other species of contract, but from all other COD-

tracts as a genus," Wald's Pollock on Contracts. p. 231.

Debts incurred under Express Trusts arc llot the

debts of the beneficiaries under the trust, but arc the

personal debts of the Trustees, who arc not agents, but arc

the absolute owners and principals. Tile Trustees have to

account, of course, to the beneficiaries: but the benefi-

ciaries have no partnership powers: and a strict Express

Trust cannot be 1 1 C i ( 1 as to its beneficiaries to be a partner"

ship, with partnership powers and liabilities, without creat-

ing confusion and a mischievous Sllbvcrsion of established

pri nci p ies,_ m.. ...&&

-New York , New Jersey, Pennsrtvanla, \'irginia, 011io. and ~1[cl ' iKnn.



27

"The Issue or transfer of a share in n jo;n'·stoelt compo", makes the newshareholder IJ /Jartner, and a party therefore to all contracta made by the

company. In the case of IJ trust. the cerrlflcare holder Is 1 1 0 1 a parI""

or a party to any contract of the trustees." Parsons on Partnership, 1449(4th Ed.)

"To my mind the distinction between II director and IItrustee is 1\11

SStHlial dlstinctio1l loundld 0 " 1 M Vt" "Dlur, 0/ things. A I,"slel is 1\ mnn who

"Is tl" O W " " of the property, and deals with It a s p r in cipa l, as owner, nndas master. subject only to an equitable obllgatton to account to somepersons to whom he stands In the relation of trustee, and who ure his

"slui 'Illi trust, • •• The office of direclor is that of a paid servant of the

company. A director never enters into a contract for himself, but he

enters Into contracts for his prlnclpa1, that is, for the company of whomhe Is a director and for whom he Is acting. He cannot sue on such con-tracts nor be sued on them unless he exceeds his authority. That s,ems

1 0 me t« hI ,''' brood disllnctlon b " w , , " Ir".sl"$ and dlr,eltlrs." Per James, L.J•• in

Smilh v. A"dtr .Jo f l, L . R. 15, e n, D. 247, 175-6.

. .- -itA '",sttt Is not an ole,,'. An agent represents and acts for hts

principal, who may be either a natural or artificial person. A trustee marbe defined generally as a person in whom some estate, Interest, or power

In or atlectlnll property Is vested for the bene8t of another. \Vhen an

agent contracts In the name of hls principal, the principal contracts nod Isbound, but the agent Is not. '''h,n II truu« contracl, as , . , e " . , , , I . s s ' " I,

botI"d liD 0'" ;, bound; lor be hOJ " o / J r i " c ; ' / J a l " The trust estate cannot prom-I

lee; the contract is, therefore. the personal undertaking of the trustee. · ••

IIa 'rust,e, co,,'ractin, for , I s , " , " , f i ' 0/ Q tnut, WO,,'! to pro t, e' himself/rom Individual

lia6i/it, 0,. 'h e cont rac t, h, mus' 1 , 1 / 1 1 1 1 0 1 , ' ' ' D ' h' is NO' 1 0 6,ptrsonall, "spon,i6/,. hI' ' ' a l 'hi olher parI, ;S '0 ' 0 0 ' soltl, ' D ,IN Irlll' 'S'DI,." Ptr Mr. Justice Wood8 In__ . I

Ta:dor v, Da"iI, 1tO U. S. 330, 334, 335; 28 L. Ed. 163, 165. / 'Qc.," v. R"",·bauth. 45 Fed. Rep. 23, 29.

"There Is " 0 altalDt:J between an instrument which establishes an GII"C,and one which creates Q trust, \Vhere an alleney exlsts, the principal mayat any moment Interferer and at all times he Is, In legal contemplation,

In control of the business. Not 80when" party has parted with the title

to his property, and has created a trust which vests In such trustee the

daht to manage the business os the proprietor thereof, he being accountable

to the beneficiary, not as his prlnclpal, but as a mere "sllli qu, IfUJl, underthe terms of the trust Instrument." Per Corliss, Ch.J., In IY,II,J-Ston.

M,rcaHlil, C o . v. Griiv,r. 7 N. D. 460, 474; 41 L. R. A. 252, 257.

The literature UPC)ll this subject reveals that inattention,in this important matter, to the distinction ill corporate

powers between bcsunuing certain special rghts and merely

recognizing and employing. certain natural common-law rights,

has at times tended to a nlisapprchcllsioll, intensified by tile



28

added mistake of regarding the relation between Trustee

and beneficiary' as identical with that bet\veen principal and

agent.

But keeping the proper distinctions in view, tile class of

Massachusetts cases that have recognized as partnerships

certain joint-stock companies, certain admitted to be asso-

ciations and admitted to be copartnerships (such asPhillips

v. Blatchford, 137 Mass, 510), are readily distinguished from

strict Express Trusts.

That Express Trusts arc not necessarily partnerships was

unanimously decided by our Supreme J udicial Court,

through Mr. Justice Charles Allen, in Aflt)'O v. Moritz,

151 Mass. 481, 484, when IIC wrote that: -

"Th8 tkttl 0/ lrust does "ot Ita", 1M t/ftct 10 m al, th« scrip-hold,,! parl"trs.It does not contemplate the carrying on of a partnership businessupon the joint account of the grantor and the scrip-holders, and in this

respect the case is unlike Gltasol l VI JlcKa,. 134 1\la88. 419. and P/dlli/JI v.

Blatchford. 137 Mass. 510. The scrip-holders are ,tstu; qui trust, and areentitled to their share of the avalls of the property when the same J 8

sotd. tt

See also: ,..

dlason v. Pomtro,. 151Mass. 164. (Mills in Berkshire County,Massachusetts. managed by trustees.)

Everet t v. Dr ew , 129 Mass. 150, 151.Jollnson v. IAWll, 6 Fed. Rep. 27, 28.

Smith v. Alfurlon, L. R. 15 Ch. D. 247. 275-6, 284-5.II

CO% v, Hickman, 9 c. B. N. S. 47, ~8-9; 8 II. of L. Cases, 268,

312.'J",I's-Slo", IJI,rcanli/ , Co. v. Grover , 7 N. D. 460; 41 L. R. A. 252.

In the case of the "Municipal Trust' of LOI1(Jon, w ith a

capi tal of £350,000, for the purpose of purchasing bonds

of municipalities w ithin the United States, and whichcame before the U. S. C ircuit Court, it was held that: · ·

••Til, trust "'at nol a corporation or jo in t-slD c. tom pa ll" or /Jart",r,hlp, but Q "'list

formed by deed of settlement for the purpose of securing investments.

The Trustees were the legal owners of the trust property, and thebusiness of the trust was managed by them and lithe Committee" ere-"ted by the deed for the benefit of the certificate holders, who were



29

stranl1ers to each other, and wbo entered Into no contract betweenthemselves, nor with any trustee on behalf of each other, and w Ire not. , I t t , , . .lor"~ 1 1 1 " " " ' . ." Per Caldwell, D.J., ·In Jo/"uo" v, UrD ;S " D I.t 6 Fed. Rep.27, 28.

So when assignments for the benefit of creditors are

made, or a receiver is appointed, or the National Bank-

rupt Act is applied, putting tile debtor's property into tile

exclusive COIl trol of assignees or trustees, who may con-

duct the business (Bankr. Act, 1898, 2 (5); Mass, Rev.Laws, ChI 163, Sec. 64; Acts of 1910, Ch. 141), tile bene-

ficiaries or creditors (10 not 11CCOII1C partners. Nor does a

trustee's exercise of tile common ...aw right to issue certi-

ficates of beneficial interest alter tile legal status of the

parties, or borrow any corporate privilege,. ..

•

A leading case on this is £01111(1 illWelles-Sionc Mercanti leCo. v. Grover , 7 North Dakota, 460; 41 L. I{. f\. 252, wherein

two Massachusetts C,lSCS (Gleasolt \p. J.\{ C Kay, 1:34 1 \ lass. 41\),

and Phillips v. Blatchford. 137 Mass, 510) were cited by t IlC

losing party to maintain that beneficiaries under a trust

were partners, but tile Court through Chief J ustice Corliss,

in a strong, comprehensive opinion, determined that tile

relation crca ted by tile instrumcn t of assignmen t wh ic hauthorized the operation and management of the business,

was that of tru stee (lull beneficiary «111(1 1I0t tha t of princi pal

and agent, and hence that the beneficiaries were 110 / partners.

The Chief Justice relied, among many others, upon the•

Massachusetts C,lSCS of Mayo v, Moritz, 151 Mass. 481,

and Mason v. Pomeroy, 151 Mass, 164. Strong reliance

was also placed by the Court 011tile leading English case

of C o : . ; v. I I i c k 1 J l a 1 1 , 9 C. B. N. S. 47; 8 1 - - 1 . of L. Cases, 268;

where after various appeals the law lords (Lord Chancellor

Campbell and Lords Brougham, Cranworth. Wcnslcydalc ,

and Chelmsford) were unanimous that 110 partnership arose

in the case of I1rOI)Crty placed in the hands of Trustees to

manage for beneficiaries.



30

While the law as to Trustees and beneficiaries is not a

branch of the law of principal and agent, yet just th e reverse

is the case a s to pa rtn ersh ip s, for"The Jaw as to Parl" ,rsldpJ Is undoubtedly a branch of the law of

pr;Jlc;/Jal and Dl''''; and It would tend to simplify and make more easyof solution the questions which arise on this subject, if this true prin-

ciple were more constantly kept in view. Mr. Justice Story lays It downIn zbe Ist section of his work on Partnership. lie says, 'erJt~ /JlIrt",r

II all Dgn" of the partnership; and his ri~ht8, powers, duties, andobligations are in many respects governed by the same rules and principlesas those of an agent. A partner, Indeed, virtually embraces the character

both of principal and agent,' per Lord Wensleydale, In

C os v, J l i c f tnQ" t 9 C. B. N. S. 47. 98-9; 8 II. of L. Cases, 268, 312.

This case In now generally adopted In the United States.George on Partnership, 37, 43.

"True partnership results from the ; " " 1 1 1 ; 0 1 1 of the parties."Gilmore on Partn •• p, 10 (1911).

"The rule which made the sharlng of profits a test of partnerships ratherthan a test of IntentIon to form a partnership was overthrown In England,and was never generally accepted in the United States."

Gilmore on Partn., p. 19.

"A true partnenhlp Is always formed ", "Irlfl' of tJ cDn/racl between aUthe parties, and " , , , , r II , o/Wrll,iofl o f l a r D - "

Shumaker's Law of Partn., p. 4.

"Under the modern doctrine of partnership, persons are not liable tothird persons 8S partners, although they share profits, unless

(a) They are really partners I,,'tr SI or

(b) Have held themselves out 3S partners under such circumstances 8S

to estop them from denylna It."

Shumaker's Law of Partn •• p, 16.

"The i " " , . I I o " of the parties, as gathered from a construction of the con-tract they have made, Is the real test of the existence of a partnership. It

Shumaker's Law of Partn., p. 21.

See also the elaborate foot note to Miller v. S i " Z P S 0 1 1 . ,

107 Va. 476, in 18 L. R. A. (N. S.) 963 to 1106, and espe-

cially article XIII therein, on "The passing of the old and

advent of the new test of partnership," p. 1066 et seq.;also article XIV therein on "The agency test," p. 1072; and

article XXVI, tile "Conclusion," p. 1105.

Partners, therefore, arc both principals and agents, as man-

ifested by the intention of the parties under their con-

tract. Beneficiaries under strict Express Trusts cannot be

oil



31

partners, because t l1C)' en 11be nei t her 1 1 I · jnci pa Is 11()r ngcn t s,

the Trustees being tile absolute principals, IJU t bound to

account to tile benefic iaries as cestui que trusten t,

Evtrt" v, Drtrtl. 129 ~IRSS. ISO, 151.

It/a,,, Y. Alor;I., 1St 1\lass. 481, 484.

....... LL ~ ...._

That individuals, or executors UI1() administrators. or

assignees and receivers, or partners under articles of el)-

partnership or under sta tutes as to limited partnerships,

and It fortiori trustees under ,1 will or under u deed of"

settlcmcn t o r unclcr a l l express trust. may la wfully Ii1 1 1 it

their liabilit v accords with established doctrines of rest ric--tion I))' agrccmcn t or of sti1U In t ions I i 11 1i t ing 1 iaIi t i t y.

Tastor v, Dav;s , 110 u. s. 330, 334·5, 28 L. f.:d. 163, 165.

A,n. & Eng. E·"tyc. Latas 22, pp, 142. 173.

I~XCClltO"S and adm inistra tors "arc regarded in ,11111():;t

every respect, in courts of equity, a s tru stees" (Woerner ()I1

Administration, 1 1 1 1 . 10, i9S, Itli); their title. h(J\\·C'·CI·,

in the estate of the deceased is ill autre droit merely i id.

I). 386; 207 1 \ ' 1 , 1 8 s , 6 , 10): but the title 1 1 C l ( 1 IJ}' Trustees

under all Express Trust is absolute illthe Trustees.

It is incorrect to 5,1\' that because stockholders in cor ...porations arc accorded certain exemptions from liability

that therefore trustees, part ners, and others who employ

th e common-law righ t of limi ting liabili ty, arc imi ta ting

corporations, or arrogating some of their privileges, for

it is the corporations that are allowed to imitate or If' rec-

ognize and em ploy just wha t individuals (111(1 trustees and

partners have a natural C0I111110Jl-la\". righ t to (10, andhave been doing for an idefini tc period t \vi thou t bor-

rowing an}' later (lay corporate incident ...

111 Sllbstan tia tion of th e righ t of Trustees to li 111i t their

liab ility by contract under tile COtl11110n law , the follow ing

authorities arc conclusive: ...............



32

U A trustee CUll be held personally for muterlul ordered by hila for thetrust estate, and on contracts made by him In Its behalf, ""I,s! ther« 6,a s/Jtcial tI ,rt ,m~'" 1 0 look o " ' y to 'lie trust, II

I. Perryon

Trusts,§431" und

cases."By uslng upproprlate expressions the trustee can exempt hlmself nita-

~ethcr from personal liability or limit his liability 1 0 tht tx/~'" 0/ 'lit trust. It

Trustees' Handbook, Loring, pp, 28, 77, 78, and cases. (3d Ed.1907.)

"The lettal estate is In the trustee, and the equirable estate Is in the

cestui qUt trust; hut 118 the trustee ho lds th« esta t« , although only with the

power and for the nurpose of managing it, he Is bound personally by the

contracts he makes U8 trustee, although deslgnatlnA himself 8S such: andnothing will discharge him bUI a ll t: rp re st p ro t'is ;o n, show;n t r/,ar~' that hot"

/Jarli,s atrttd to act upon Ih, r ts /JO ,u ib ili l, 0 1 1 M funds alone, or 01 som« otlttr responJi·

hilily. I'x(IUli,·, 0 /1"" ' oliAe trustee, ' ' I

I. Parsons on Contracts, p, 122. (Hth Ed.)

II. Page on Contracts, ~ f)IJO, and many cases,

"The rl)\ht of making a contrucr, whereby those who tender It stipulate

not to be bound beyond the umount of sonic specific pledged fund, mus t

ht a natural rig'" ~,orr1;"g0141 of Iht t·try natur« 0/ contracts. ft Per Verplanck, Sena ..tor, In I I ' a , , , , , v. Beers, 23 \\'end ell , 10.4, 151.

"In deallng wlrh the business world, 11 trustee cannot escape personal lin·

hility unltss ht lau'/ul/y restricts h is liabilit., ill th « c on tr ac t i ts el ], U• •• (J/ cours«,th « /Jar/;ls ma, atr" that the trustee shutl 1 1 0 1 be held plrsonally on th e contract t bUI Iha!

onlJ th« IruJI estate itsel] shal] bt thurgtQbl, u'ilil Iht d,hl. In such a case . • • Iht

trustee is no l bound, bulth,-/und is ." Per CA)rliss, Ch.J., In"',lIs-Slont .'Itrrunl;/, Co.

v. (;rol"', 7 S. I). 4f)O, 46~~.464; 41 I,. It. 1\. 252, 253, 254.

Jlllnk of 1 "op ,ka v, 1:"01011, 100 Fed, Rep. 8 (C. (;.-~lu8s.-1tJOO.)

('hit.'f just icc Knowlton i n his opinion in

...t rnold, 1~5 :\I'lS~. 2(}2, 2()4.I, savs: _.... .

Ilusscv \'.,

"Whether the trustees in this cuse, In denlin~ wlth the petitioner,

fjr o" iJ ,d a ~ (lin JI p tr so tla l lia b ility ill accordant ' to ttb th e d irection in the utrttmtnl, 6.1

,,,,, m it'" do (see SIIor & Leathrr Nat, Ilk. v. Dt», 123 Muss. 148), does not

appear." •. ' "If the trustees contracted in the usual way withor" "/trringto anJ"hint u·hir}, u'ou/II limit th e liabili(Y rfsu/lint from on ordinar, contract, they urepersonally liable," etc.

I..a t or it this ( ) I l i nio n t he C:h il'f J us t irv, however, inter-jcct s a (Iict um (l~ to

"constderuttons of public policy in un attempt of this kind to do businessu.'i tl ao"' a Itgal liabilit, 0/ un,60J, fur debts incurred by the trustees. ,.

IJ IIt the Ch icf J ustice appears tu ( J isparage (1) his previous

recognition of the C{JIl1111()11-1a\r right to limit liability to

the fund or property: (2) th e (leelara tory icorpora tion



33

of that COtllI11011-la\v principle in limited partnership and

in corpora tion acts: and (3) the everyday successf uI

administration entirely in accord w ith public policy, under

this trustee system, and under COll1111011-la\v rights, of prop-

crty valued at hundreds of 111illi()J1S of dollars, :\I!'\(_)(~l) th e

Ch.ef justice's reference to the trustees, "As agents and

trustees" (I). 204). uppcars to overlook the doctrine that

t rustees arc not agents, hu t pri nci pals: and (5) he appears

to slight th e equitable relief attainable aguinst the estate held

I)~ ' the trustees, and the set t l c r I duct ri n e of l 'CI ui ta blc ex-

ccution upon tile trustees' righ t of exoneration, as (Jeter-

1 1 1ined iII the case of Masin: v. /)OI1ICro.\ ' , 151 ~Iass. 1 ( j 4 ,

107, recognized also ill .1\/(1)'0 v. Moritz, 151 Mass. 481,

484-n, ill ()(ll/ Fel lows IIlll1 Association v. J/f:tll isll!r. 15:~

1 \ J ,ISS. 202, 29j , a n r l i n B rotulwa v Nat, 13/~ . v . I f ·00(/, Il5. .1 \ Iass. : J 12, :31() Sec nlso: '""

Iltw;/i v, Phtips, 105 U. S. 39.J, 400; 26 I ... Ed. 1072.Story's Eq. I I . § f J 7 K 11. (c) und cases.

,'-,lIs-Slont .'ftrca"til, Co. v. (,rol'tr, 7 N. I). 460; 41 1 " It. A. 2=2,

and cuses cited.

Rrou'" v. Eastern . ' · ' a l , C o•• 134 ~ll'SS. 5'JO.

Norton v, PAtlps, fjtl 1 \ 1 iss. 467t s. (~.Ames' Ca!lC9 on 'I'rusts, 420

(2d Ed.), und cases cited.

"Llublllty o r Trust Estates for Contracts t\Indc for Their"

Ilencfi r.•• 15 IIm . Lau: Re». 449--462.

"Undisclosed Prlnclpal." lI y James Burr Ames, In ralt l.au: Jou,,,al,~llIY, 1909. pp .. 450, 451.

Bani 0/ 70ptia v, Eaton, 100 Fed. Rep, 8 (C.C.-~lnKs.-IIJOO).

Pursons on Parrnerahlp, § 447, und cases (4th Ed.).

Underhill on 'Frusta & : Trustees, I347, 34M(I,th I·:n~. ":d.).

+

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34

FOURTH.

That prohibitive or represslve or regulative lealsiation 08 to common-law modes of administration can be partial or unequal. Whereas InequalityIn that respect creates a Constitutional eonfllct,

Prohibitive, repressive, or regulating law s should be uni-

form: and i f any attempt is made to select Trustees 'V}lO

issu e tra nsfe ra ble certificates under EXI)rCSS Trusts and to

omit Trustees 'VI10 (10 not issue such certificates, or to select

partners who issue transferable shares and to omit part-

ners w ho do not issue such shares, or to select Trustees and

to 0111it partners, the Constitutional point of inequality

is likely to arise, as illG 1 C l l . .son ·V. Ale Kay, 134 Mass, 419 ,

425-6, which case set aside as unconstitutional the Actof 1878, Chap. 275, to tax "companies, copartnerships, ~111(1

oth er associa tions, in which the beneficial interest is 1 1 C l d

in shares, which arc assignable," etc.; for as Chief Justice

Ficl{1 said, in Minot v. lVi11throp, 162 M ass, 113, 122,

a 11(1 (Iuotcd wi t h approval by Ch ic f Justice Knowl ton and

others in tile opinion of tile Justices ill 196 Mass. 603,

628: .....,__,..

"As the tax considered In Glt6S01l v. J1'cA"a, was not upon a business oremployment, and 11S there was no franctdse v: prlvl1e~e conferred by theLe)1lsiature, tilt distinction btlwttlt parln,rshi/JJ ..,li'h .r(J"s/~rDblt shar,s and thes«

without rtndtrttl th e ta» unequal and IInrtQsonalJl" lit :OUSt II fDas a d is cr im i n ati onfou"d,d upo" all immuterial fact,"

I

"Every one has a right to demand that he be ~ovcrned by general rules,

and a special statute which, without his consent, singles his case out asone to be regulated by a dlfterent law from that which Is applied In all

similar cases, would not be Iegttlmate 1~lsJatlon, and would be such anarbitrary mandate as Is not within the province of free ~ovcrnments." •••"Equality of rights, privileges, and capacities unquestionably should bethe aim of the law." . •. "The State, It Is to be presumed, has no Invorsto bestow, and designs to Inflict no arbitrary deprlvntlon of rights. I, (Cooley'sConst. Limitations, pp, 559, 562, 563, 7th Ed.)

t



35•

'r'IIC stampede to orgunize under corporation law s, ,111(1

thus trv illmany cases to obtain something C O t · nothing,

11~'evading personal responsibility 11LlS been perverted intoa national disgrace, as t IIC Hon. \\' oodrow \Vilson ~(J force-

ably presentee} to the legal profession ill his nddrvss at

Chattanooga in 1910.

I t is the (Iu ty~of tha t I)rofcssion and of the l ..pgi~li1t u rt"t

i f any legislation is really 11eCCSSar)'upon this score, rattler

to confirm the C0I111110n-la,\" uatural right of all persons

sill juris to manage affairs, whether as individuals, or HH

partners, or as assignees, or t rustccs under Express 'Trusts,

as tile): 110\\".lo, than to encourage t he lise of evasive cor-

poratc charters. In till' great majority of cases adminis ...

tration through I~Xl)reSS Trusts is superior to that of any

other Jl1Ct hod.

1\'1art ali t)' itl 1 \ I assac husct t s for l'1111la1 bci ngs 1 1 as aver-

aged (luring the past live years about sixteen (16) per cent

for every J ,(lOll 1)C'rSOl1S. Mortality for corporate beings

with Massarhusct ts' imprimatur has avoragud Io r the

same period abou t six ty ..rour (0,1) 1)(:1- cell t.

Express Trusts arc ronstitut ionnlly far more healthy,

Corporate - i 1 1 1 personal il)' i11 ruIi nist ra t io n i1vi tes both

fraud and disaster. Trust /Jersollalit), is the strongest

safeguard against them.

"

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•

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"EYPRESS rI'RUS1'S UNDER l'I-IE COl\fMON LA\V.".,.

; ' \ . ' - 1 1 ' ' \r . . . . -

Ily Alfred D: Chandler, Esq.,

SUPPLEMEN1~.

June 15, 1912.r ()

.,_ ... .t-_4 wrt ' _ " " " ' 1 1 _ _ • _ _ - _ . . . _ _

..

The Legisla ture of Massachusetts during its session

of 1 n 12 hits acted upon the Report of the State 'l'ax COIll-

missioner, made under Chapter [):j, of the Resolves of 1911,

rcquiri ng h in: to investigate ~111(.1 report upon "Voluntary

Associations, 'I with a view to their proh ib ition or further

control and rcgulution, and two 11C\" Iaws 11[ l \TC resulted,

nci thor of which prohibi t EXIJreSS Trusts or "Voluntary

\I f . , ,

..ir ssocintrons.

One 1,l\Y (Chap. ;jO:j, Acts of lnl~) authorizes corpora-

tions to be formed in Massachusetts to acquire, manage

a 11(1 sell real estate, Ior a term not ttl exceed fifty years.

The other In\\' (Chap. 11 a , of the Resolves of 1H12) pro-

vidcs Ior a Comm ission to investigate the Holdings of

I ,.

Volu 11tary Associntious" and Certai 11 Corporations and+ the Consolida tion of Companies controlled by thorn, sllch

Investigation being specifically directed to certain public

u ti l it), Companies,

'rile Commission is to be composed of the AttorneyI I I .

General, the Board of Railroad Commissioners, the Board

of Gas and Electric Light Commission, two members of

the SCI1H.tc, ::111,1 ("\;ur members of the H()tlSC of Represen-tatives, and it is to report to the next General Court 110t

later than January 5tIlt 1913.

Otherwise Express Trusts whether for the administra-

tion of real estate or for industrial or commercial uses are

not affected.

... , . . . . . . ,~... I I

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. .~ r ~ ~.~~C r 1 \ ~ ')~'e

CONTINUED DISSOl.,UTION OFMASS.t\CI-IUSETTS CORPOI~J\rrIONS.

On pages 10 and 1 t of "Express Trusts L Inde r th e Common Law"th e e xce ss ive rnortalitv in conservative Massachusetts of its State cor-porate charters is presented, show ing that in five years prior to 1 0 1 ~

Massachusetts corporations to th e numbe r of 4, 154 were dissolved, orabout 64 per cent. of the whole number created in that period.

The Massa chusetts Legis lature of lut:! has continued t h i s el imina-

tion by dissolving 929 more of that S ta te's c orp ora te creations, a copyof the Act be ing here printed i n fu l l as irnnre s sive proof of t h e illusion : I n c !instabi l ity of im pe rs ona l corporate bodies even in a conservative State.

What th e death rate of corporat ions is in other StCi re s is 110t 1{110\\ ' 1 1 ,

but the Boston News Bureau for Dec . .. I, 1 011, atllrmed that :-~-

I I I n California about 4000 c orpo ra l io ns \\ ill dissolve on Nov. sn, because of theirfailure to pny the required license tax: and in j \\issolJri nbout 4000 1110rl' are linhlt.' todb-solut ion lX\::.IlISC of their fuilure tu f i l l i th e anuunl anti-trust stntentent required by theSta te law. ~

The c orp ora te form of ownership is much l ess prevalent there (W est and South):

and 1 1 1 consequence, dependence upon corporations is k's~ gl'nl'rnl, : 1 I 1 d tolerntion oft tll'i r 1 1 1 £ : ' t hods is IllSS i11 ev id en ce, ..

11- ,- -_ -

(.,A\VS OF l\tfl\SSJ\CI-I USI~'I'i'rs. (;1I ..PTI~I{ 313. xcrs OF 1912.

"L\:\ Acrto Dissolve Certain CorrJ()r'Lti(111S~

American Ilscui t Compa nyAmerican IIliltlcrs r " i nish (.'r).

l\Jl1C rica 11 Cn f la I l i n n Ill) hlis IIi~: < . ~ lJll1) ),\r 1) 9J \merican (~~111. , L , . " Goods (. 01t1l,nny·American Cltlzcn Co..1 \ 1 1 1 erican CU-OI)~r:'tie Associn t ion o( ~ ew I~n.:..land, The

American I"~ire l \ J achi nc Conn )i\ 11~·American Frtlit and Products Co.American (~t)()t 1..\Vi tl (1 1 o,Amerle nil J t i111..t le Clrm p an ~ ,.American Heel Corn J )a.ll)'

American Indust r a ; . .t C ornornt ionAmerican Ion (_"flnlf':l nyAmerlcnn Kaolin I'llt t y (...orpora lon..~ \mv r ic II X a tinaI t 'i lrn (~(Jrn pa n Y

1\merican l{oJ Ji(l Trnnsi t CompnnyAmerican Shoe and Lea ther l ~ , L i r (~(lllliia IIYl\11 1cri ca n "l'r :l(lilg - Cum In n ). I1l-..Anch: tr I ':ll>t'r IJ(J:< litom I':llt)·

1\tl( lcrson' ~. file ~;\ till rew ~t . Cusnck Companv.\ tl;!icr (~(JJtll):Ln~1F I The

,\ nnex (:i~:lr Store Co,J \ nti..errn 1J ri n ki n)~ Foun mi It l"om ] t;l11jf

A t . , ,:tI'C1 Retu ier (""JIll pn 11 "Arcade I )ru~ t 'nrnpnnv f'{ ~e\\· Ill~(1(( .r,l. T h ...~ r111~ tr() I s . t t .. II t III u.~ (..)t1J , 1 :\ 11 ! - I F " ~ ( I Il~Il\\ ; 1 1 1 'urn 1 1 , 1m , . 1 ills1\sh h It r11hn m J { t'St 1rvoi r Comt ,;\11;~Ashland Portuble Companyt\s so cin te rl Ret ai 1 Dea lers' (· '11111 ';1I'}';\ t 1a11ic (~(J:l..~t l:tJrt'st IJrll~t'r\·c :1l( t IllllJr( J vemeu t

(·C)111pnn~/

1\t 1 :1 ntic Confect ionery C . . . .J.,\ t lantic 111\·e~tinJ..: l~r)nl'.;l'l~tI'11\ll~l~ Concrete Cnn-aruction (-t»11ll)~'ny

,\ tI:L~; (~ (11~1ru e ti(t' (_f )tnIt , 11~.

Be it enacted, etc •• as follov..s:

Sect ion 1. Such e)f the following-named cor ..porat ions us are not. al ready ICJ,.:l' II~· II iss(11\'c( t lire

hereby dissolved .. subject to t 11C provisions ()f sec-

tions f i f t y · t , \ < l O and f i rt)....three of chnptcr (.fl\lrhundred and thirty ..seven of t he acts rt f the yearnineteen hundred and three r-«

t\. s. E11is Building COlA. II. Rice Lumber CompanyA. J i Leg~ . ..Baker Company, 'rile1\. L. \\'hit temore CornpanyA. Low enstein and Sons (111Cor porn tl-( t)

t\. ,.,.Abels ..111C.A. r..1..Thomas Companys. S. 1\llc)- Conl1,:tllYAbbot t·Detroi t ~ JORt011 C(Jll1P:l11~·

Abram French (~Otntl~ll\Y

Ac k ot ist I) Ia y e r Pio1 1 rJ (. 01npa 11 ~o

Acme \\'rt \Vash Company

Adams Trust COml)3n~iAdamson Publishing CompanyAdco, 1nc. i TheAeroplane Company of America1\~:1warn Telep hone Company1\11)('1t a Cereal Corn panyAlden :In(1 Tnrlx ix , Incorporat cr lAlhambra ~1inin~~ (:(lml.anyA Ilt~n·(\1i,1Am usemen t ComI:111~"(Ill'.Allen-Randall CompanyAlon.~The Const Publishing Co.Alstead ~I ica CompanyA Ito n C hem ic al CompanyA malgnm f\1ii nJ( and ~I illi1K (. (,r111',lI1Y ·. Th eAmerican Automobile Company

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•

,\ t 1;:8 "'1ln't(i'l~t\lri 11~ l·~)111~111~'

.. twood ~1irill-II (~(I111)~LI1)·, 't'he1\ uerbach Illltl (~ll... Ine,; \ u s ti1 ( ~() InI'l'1 1 ) ' . IIr 1 1e. ;\ \ 1~ti1 l~l~ ieeri 11K n1 t c l Cons: ruct ion r.OJ11 pany,\ II t () lf .l tl(J ~ (~()I'll)i\ 11~·

. 1 1 \uto Su Ill'I~·_~lt( li t Company1\Ut()111:l t ic ({fllJit I·UIlll),lC Iilg (~OJ11IJ,\ 11}'

l\II tomu t ic S\1111)til~S Com 11:1 11)f

~ \ \ 1 tomnt ie 1 1 " i In c 1 ' 1 - : l l J Ie (_'" I" l,a 11~·: \ \ 1 1 on 1. .\1In 1H.~r('1)1111),' 1\}tI~\ \9 un \\~oo len ~ 1\ lls Com] 'all~·. .\ zc)rl~,l tl ( ..~)11\1I:l1\~·

IJ ~ { ~ _ l T 1 1 r It , I \v()t

~ l l ( 'o., In cI

III ~1~ Lovel l ('f1l11frtlll)·

fl. ~IJi1'rJl:l & r'"n11It l l 1 > 1 I . 111(,.

H ache-H am lin ,.1(ttr)1 lornpanyJIck II1~· " I · h t ':1t rc (~()II I " t 11~·1 1neon 1 1rns., 1 1 'c.II n t l ~:t·r~t nnufact \tril1~ (- c ,11111arl}·. Thelin~ll'}1' Const ruct io n l:(,.Ball :\11(1 I~;o((lric 11 C r·111 [ ' ( 1 . 1 1~·Jilin ker ;lnd --l'r:Ltle s m an )rt-~,~ In c .• T lu -linn kers' Investnu-nt (~1)111J'~ll~·

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l..i~ (~I\r(lner COlnpnnyI..~ D~ \V~l~'CompanyIi. I•. 1'1 Confectioner)- C()nlpnn~·I". M. nOWl., Company, Tht"I.,. T. Dnrney & CO" (Inc.)I~akl·si(lc ~tlllltlfucturinK (~(mlpBn)"

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l.aminntrd ~lanU(al~tllrillp. 1'011111,10).

Lungham Pharmacy, ' r - l 1 l ·Lnrsson \\·hip CompunyLaundry SrJCcil,lt)1 Company, TheL••iwlor ~j~rting (~cJ()ds ~lnnllf.,cturill~ Cotl11'i,n)·I..a w ren ce :\ u to rn at ic Telephone ("om"ut))·Lawrence Base lln11 Assoclntion (1~')~I)Lawrence Independene Telephone Cumpan> 'Leominster Fine Tool 311(1 ,.1achirv \\ orks, Inc ,

·1'llcI..ester R. ~1(JultOll l·OJllllan~·Lever Cream Separatcr (T·"ml)'ln~'Lexington I'eat lompanyLithuanian and Polish Grocery and ProvislcnCompany

1.1t huanian C o -opera ti ve Associat« )11 t)f I Jr i~h ton ,~1~~cllUSCtts

London Cloak (~ornpan~·London St udios Incorporated. TheLord-Travis Com paIl}·, I ncorpora tet)LlJuishur~ CompanyLouver \ enulator CompanyL ow ell a nd F itc hb urg Electric Compan vI..well Iia t Com l)an)· .,(..ewell Storage \\'"rchouse (~()lnl)an~~

Lucky SI,\I() Comr)an~·I..nn Peste Manufucturinz l'Oln(Jan)'

Lynn Rubber COJ11[lan)'

~I. A. Power (:01, "rlle~J. F:. Shnuuck (:ignr "nil 'l~ullal.~u(~OI111'~'n)t, The

~'ncLean Bros. Company:\1nek Amusement Company1\1ack and O'Connell Cu,~I"damc Cairns, Itlc.~1arming anti Armstrong C:on1IJ3tl}·!\1anu(acturcrs' Sales Company! \ o f arble Qun1itf, Munufacturing C oaupany~larlbor(JuKh S h( )C Comp an y!\larsllBtl \\'orstc(l Co.~Iarys\·illc \Vool Scourin" COn11)"11YMnssnchusetts Aktzia Incorporated~tasSachllsctts and Rhode Island Ut's')'lt ...h Rx·press Company, The

"'assachusetts Apple Orchards Company~Iassachusctts Associates, Inc,~tnssachusetts Automobile (:fJlnpar'~·

~Ia§sn.chusetts Bcrul Guarantee Corporution, TheMassachuset ts Caloric [lath (1(J.

~Iassachusctts Concrete C'lml?an!r-~Inssachusctts Construction C()mt';ltlY~Iilssnchu~tt~ l~orrCSl)()ndcnce Sctlf)(lls~1ll. .'4s. .,cu~et ts (~l-tlcriLt IJusi Iless ("r)l111)~Ln)~

l\!,l~~'\Chusc:tts Junk (~()llt'Ctors C(Jr(X)ratton~In~sal~huscltsI...,n & St-ctlrit), COmptl11lt '~liLo.sachusctts~Ohio Oil an,) (~:lSCunlpany~1'IS~achusct ts Sa tes C01nll~\n~'~Iassachusetts ·fcxtilc ~1,LnufacturillK (~,-}tl\I'!ltl~·

~laS!\llChusctts ·rhl-atrc (~«Jt1t,)an~·~lnssacllusctts Trntlin,.: (~onlpnny!\Inssachusctts \'t·ntlitlg CU II t . t n s S t L < K . l i t \Vhip Company~ t a t n n Z 4 1 . . t - ; llay Crnnpan}·

~Intheson Cuml'iln]t of lJoston!\Iauricc J. Horo(sky Cunlpn.ny~f c Pher!IDn B ros. ( ..f).~ll 'Chanics Loan and Trust. (Inc.)l'cchnnics Loan (·0.

! \IC ti it cr ra ne an \- ac h ti nK Clll1J, The~Ietcher (~(lllll)(\11Y

~Icn of ~Iark t n ~Jns.qnch \'~ tt 9 (~)nllliln}

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~ :l~il)t):lt Peather r J)"Cll\J~ and Cleanl 1 ' 1 - : (~Otll , , : & 1 1 y~ a ti onn l ~torion Pict u- C ~ I nun (,\I:t ur i.c (·f.tl11,an)ttTht,

:\ a ti l )n:11 ~ t ot I)rCnr ': rJnl tt'111~"(IfUfl~l("l~ a t if )t1:11 Sl~lf·\.u rn ~nJ rt Ftre ,\ larrn Co., TheX ii t lonn 1 Text ie !~1M .s it ion, Ine ,X'ltir.nat Theatre Corporat ionX at iona 1 ,. entiat ,11S( Corn f)all)·. The~ a un ; kC:lJ. ( \\' archouse (·,J1n I't' 11)·xeponset I(iver (·oat (.ornpnny~C\\· 1 I l " , J ( ( J T ( 1 )'010 J\s~~iat io n~ cw Icc ) ford \ \·:L~tl" t~ompan v, It1 c,~ C \ \1 1 E n~ IIItid :\ m USl - ) 11 ell t ( _ < I t (Jill t ) ~ , rl~.t The!'\C\v Englnml Automatic Shoe-Shining t 'ornpauv I

'l~lt(~~C\\' l~n J: la n( l Ha rr el ~Iachinl' ~I(K. ('0.~ ('\V E n~ le lIII ICo 11 . 1ternl l ..mn (-, J J1 1 J j :L t l ) '"~C\\' En){lanlt l)cli\~cry C r " 4

~;e\\~ l~n~lan{1 l;'llrn;icc f·ofnl)an~· t 1'11C~C\\~ EnKt~'11(1 ~totor "'rrlll~k Cf) .: \ (~\ \. En~l :\ r l( l IJ,lten t St:llr!C (T~(~ttll"ln> .; . ;c , \ . . EllKlan() Shoe ;\lnt111f.Lctllritt~ (~Otlll)art)·

~C\\· l~rlKlnlll1 Sc)cict) '" , Inc., ~rllC!' \c \ \ . I~nM 1ancl - r r z \ t Ie [)c\.~() I' Illctl!(~In~):~It I .J ' hf t~C\\· l~nKltlnd ·('-rnt)itlK (:011111:111Y. The~ ~\\I Enuti\nrl U11()f'T\\tri te rt :: ~ [ncr, rl )4 )ril t ~ll:'\C\v I [runpshirc (~n'vhi(tc l'lllJ) U O ; L r l l n()~ l~{Jt

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~ c\vton Killlit'rJ.:artl'n

~i(~hols~lrill efJ•• Inc.:\ kerson ~lallufncturinK (:f)lntllltt}l, ·rh('Xi,,·olct Ol)lic~'l l'r)tt1l!"tl}1

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~orthcm !\t'L'\sachusetts Street Rail\\·a~· t:onlllan\'~()yc~ & Dc\vnr (~')rn'):ln}·Oak (;rrJ\~e J . " : L r r l 1 t"'rciLmcr~·Cr)ml1:lnyO'Brien Cumpnny01el l:ol(ltlY (;(1Itstructi41n (:oltlI1n"~9()l(I~~O;Lklatl(l (~om'lnrl)' f)r N~\\· l~nl( lan{1



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r{ctintlCe ~I(It, Ir flus (~onll)(\n}·

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~dli~llll ry I ll ·~ lCl l ( ', J rl ,cJr:\t ion~.ln1ano 1\merican l"t nn,~:,ny, ' ] ' 1 1 l &

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Scott ~lnl1ur"l·turinK l"ml1!,i\n~'St'.lrs uiu I l 1 1 1 : 1 11i\ ~In i1J.: ll.'111)i\tl}~~ltotltl Jl1 St 1111i(J. In c • •TheS t . .II).)n ~llJtur l·"f C . . .·llI11')Un ~It (J( ,.il!i!l.1C 11\I~t·tt~~lll\flltr S~lll"~(~r)rlll'" 1 1 ) - . . jfl·hcSlllllt!I)S kil (~flI1l' nll' YSlll,lllllrlll' ) 4 " rl l 1 " l~lClttri(! I.i~llt,(;'o\\it'r ('.II"II:ln)·

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H(I:lrks Slot., 3'1(1 111:,ckinJ( l"{Jn11)at!}-. theSIJrcinl t)~ I list ri IJtl till" (~(lrllllRn)·. TheSt)rll~llc nllt t 1 1 r ll ;, l; tl ( . : 1: 1.1 (~{)rl1tlallySprague ~lnntlflLctllrh'fC c.ompany

S(,rill~er S""itllriunl (.~Jrnllany I

TileR t lr i' l ). C f i c l ( l I lr f . z i oR (-40(JlI1 rULtl)·

HIlri ngrit"l (I D IIi(I jO K (~(11111':"1)~

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R.,rinRticld I'urtuhle I (ouse Contl!"n~'~ I' r, n ~fil' 1(1St rJr ngc \ \' nrc II f Itlsc t;()1nP,\ II)~H r 1 r i rlKftell1 ·l~tlt.·a re ('(Jn11)l'll)·S"rinv.fil4) ( 1 'I'tll'at ri(~n1 St:l~l' I I uri1\var~ (~(Jln (J,l1\Y

SI trrJ\1 Ie 1\Itlllq.nlcnt (~·()111rla11y. 1 " I I CSt3'I,larll 1'r 'lcti()n Tread (:OI11t'Rll)~



Star Laundry Co.Stcrtillg llruit Products (~omr'~ln)"t The~tc\·rns-&l\\.rcrs :\{otor Cnr ComVany51 ilsnn !t.1otor Car CompanyStirk Manufactur ing COJ111)3n}'f

Stockwell Brothers' CompanyStoughton Auto EXl . l res: ; Company ·Htou[(hton Lithuanian Co-operative Asscciut ion,~l~hc

Stoughton Record Conlpany '.Suburban Auto Supply CompanySuhurbnn Club House CorporationSufftllk Silk CompanySuomi Granite CompanySwanson. Toombs & : Sumner CompanyS}-I\·ia Steamboat C o . • 'TheSynthetlc Company I The'r. Herman Co.T. 1\1. Smith & Co. • IncorporatedTaconic ~r:lnuracturing CompanyTalbot-I [umphrev Company f TheTappey-Kraus Calfskin CompanyTaunton Taxicab CompanyTavella Shuttleless Loom CompanyTaxa Cab Company of CambrldueTavlor l\lotor Sales CompanyThomas I Gavin C:onlpanyThomas . Young Company'Thos. \ . Spencer Company'fhompson Lug Strap Coml,an).". TheTower EngitlCering Company, TheTrade & Horne Protection LOmpan)·Traders 'Vharf and Warehouse CompanyTribune Publishing CompanyTropical ShippillR and Trading CompanyTruscott Doat r..lanufacturing Company (Jf Massa-chusetts.

Tucker and Cook ~Ianu(acturin" CompanyTudor Farm Motor Car ClubTurner Last fttfnnufac:turing Company. The'T w in P olish Company·r}'er-Collett Company, Inc •• TheU. S. Automatic Lighting CompanyU nttv ask y F ur CompanyUnlon Auto Transportation CompanyUnion Biscuit Company

Union Brick and ~[3Ch1ne CompanyUnion Portsmouth Express CompnnyUnion Shoe CompanyUnion Skewer CO!DpanyUnique Shoe l.fanufacturing CompanyUnited Food Products CompanyUnited Outfitters CompanyUnited Slipper Manufactur ing Com;J3n}· I

United States Airomotor CompanyUnited States Optical CQ2nQanyUniversal Blade Stropper Co.University Schools of Correspondencev.H , ~foody Shoe CompanyValley Falls Iron Foundry, Inc.Verescar Paint CompanyVermont Lime COm_j1Bny. The

Vigosnn ~[edicinc Company, TheVinemont Company, TheVineyard Haven Electric Light and Power Com-

pany. TheVirginia Timber Co.Vortex Vacuum Company, Thew. D. Brackett CompanyW. E. Chifman CompanyW. G. J . 1 1 l 1 Fur Companyw. H . H a}·es Company\v . J. Paine Co.W. J. Rite}· Company\VI R. Cox Co.\Vaite-Robbins Motor Company

\\9 aldor! COtl1p:\ll~~.~The I

'\'alcs ~J nnufucturiug Company I The\V nlk cr D rus; Company I

\\"llker·l~iJltcls (~oml)an}",'fhcWaltham .\rtificial Stone Company ..Tile\\'altham (~a.'iLight CompanyWarren Automobile COrnI)al1YWarren P. # 1 ' ( J O O V Co.\\'tlsllingtoll Lunch II1C(Jr,)Or.ltC()

\Vashillt.:ton Trnnsporuulun CompanyWnsh in irto n T rust Company of 1105tOt\\V lltc r P ow er Development CompanyWaterhouse Company. The

\Vatcrprnof Fibre(~utn(Jany

'Vntc rp rc Jc Jf I..inen Co.\VI\\1'crlc}· Drug Company\ \·cathc.-r~L(.~athcr Company t The"'el(lon Leather Company

• \Vel1cslc~·Autu Transit (-CJnl{}any

Went worth, (;oull an d Alger Company, The""est 1..,}911nLumber Company\\'cst Lynn SllOC "l:ln\lfactllrin~ COnl()lln}·

\,rest Newbury Co-operative C ream ery C ornpnny,~rhc

\\·cstficl(l River Lumber CompanyWheeler and Shaw, IncorporatedWh eelo e k Fence Co.W heelock Rust ..Proof Fence C o.Whibcn S;,lcs nnd .\(t\·crtisillg CompanyWhite l~~lc 8ottlif1K Company\\'hitc Stnr Laundry Company, The\VJJitmt\n Board of Trade CorporationWhitmnn Phnrmncnl Companv\\·tlitrl~j·c\\·clr)l Company ..~rhcWilder I). Clnrk Company\\'illiam 11. Ilaic C ignr ('omJ)an}·, Tile\Villiam fl. Pranklin Brass Foundry CompanyWilliam ~lorris, Incorporated' \' i nni si rnrne t AInusclncl1t Company , The\VinthrcJf Buillliltg Association. (Incorporated)Withercl Fish Company, The\Vold ~lact1ine CompanyWoo« Js -A llis CompanyWo rcester B la ck in g Company

\\"o rc estc r H e brew Co.orcrati\'c Market Co.Worcester Leather and Ieel ~Ianufn.cturin" Com-

p~~n}·,The ·Worcester Railway Supply Co.'\'orcest~r Stonebrick and Tile C0111pBtlY, TheWorld Glass CompanyWorthington Transportation CompanyWorthy Paper CompanyWright Company 25 CCllt Stores. Inc., TheW)~omi~KLand & Live Stock CompanySect. 2. Nothing in this act shall be construed

to affect any suit now pending by or ~ainst anycorporation mentioned in the first section hereof,nor any suit now pending or hereafter bro~ht (orany liability now c~isting against the stockholdersor officers of any such corporation. nor to reviveany charter previously annulled or corporationpre,·jously dissolved, nor to ·make valid any de-

fective organieatlon of any of the supposed cor-porations mentioned in said first section.Sect. 3. Suits upon choses in actions arising

out of contracts sold or QA.;igncdby aoy corpora-tion dissolved llY this act may be brought or prose-cuted in the name of the purchaser or assumee,The fact of sale or assignment nnd of purchase bythe plaintiff shall be se t forth in the writ or otherprocess: and the delendant may avnll himself ofany matter of defense of which he might haveavailed himself in R suit upon the claim by suchcorporntion. had it not been dissolved b)' this act.Sect. 4. This act shall take effect upon it5passage,Appro \~e ct ! t.l ar ch 25,1912.·t

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L

alfred d chandler_express trusts under the common law

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