HE CO L A A Superior and Distinct Mode of Administration Distinguished from Partnerships I • • Contrasted with Corporations • . _& ~ . _ . . Two papers submitted to tile Tax Commissioner of Massachusetts, under Chapter 55 of the Resolves o f 1911, requiring u report from h im on ",TOLUNTI\ll.Y ASSOCI1\TIONS" oil By.. .,..( \ """". ~ ALFRED D:)·ciiANDLER~ ESQ . . . . . ~ • BOSTON • L IT '.·1. E ~ BR0 \V N & Co . 1912 . + I• • - . + •
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Alfred D Chandler_Express Trusts Under the Common Law
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8/7/2019 Alfred D Chandler_Express Trusts Under the Common Law
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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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
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).
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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-
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,
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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.
,
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, Il I
J
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••
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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.
8/7/2019 Alfred D Chandler_Express Trusts Under the Common Law
"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 .
...
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"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
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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
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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.
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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
8/7/2019 Alfred D Chandler_Express Trusts Under the Common Law
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
"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.
"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
8/7/2019 Alfred D Chandler_Express Trusts Under the Common Law
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
8/7/2019 Alfred D Chandler_Express Trusts Under the Common Law
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
•• r I ,•I
I
8/7/2019 Alfred D Chandler_Express Trusts Under the Common Law
.. 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~·
Bnn kurs' 1,,0:'11 (-Of II I ,an y11tl rl 'llf ~1uchincry ( 11 • • 1 1 1 r~an ~I
1 1 , \ r l ~l·rvllle Sllri 11~ \\":\ ter ('(ttl1l't;, nyII~ 1rJ w ~ r n t1\1r a e t \1ri1 ~ ( ~ 0n1 1 )a 11 ~t
Harm-s Companv , TheI J arrell l 'nCUI Jl a t Ir "r'i re ('rt _ ,t l'l':~r C '" iJI111.t.111~·
I I : , t t!S ,~ ~r'>-tlc 1 ; , 1 1 Icnrporu t t·t 1
Bay State ("nrnil'(· & Skrlh:ht \\:U1ksJ Ia}1 H tnt t" r ) et )t nl I 4aI,l rt1,)r ):. ( t ' 1111lil1 ~•Hay ~tall~ I )rl",'~iI1~ (-(ltl111:lll\·
I J . 1 Y · State l~isl1inJ: ('()nltl;lll~' ,( 'r)!.lt,ll,·.l .1\lf111 .iII{ I.;.)
II;,}I Stnte Hnme ('('1111):ll'~~
llny St:, te I. .ent her (~"'1'1 I xmylin v State Su I J I , l ~f Corn I t:l11~·
1 1 , 1 ; ' · ~t:ltc \~itlc~'llr(t {"(~ll11H'11}'
Ill')·Stille \\.hill l~JtllP:lll~'
BCLl\!On Ir\1~ (~"olllIJa 1 1 ) 1 1 t ·]~lll·11l'flCO n [...)\I tltI}' l~"~IJcaf~()tl III \·l~tll1cn t "1tlll Su1)~)l}' (~f It111'~ 11 \t, " 1 ~ 1 1 'I
lJl'( I ((Irtl ! t t l 'lnu i,Ll'lll ri Il~ l·Jtl11l~111~·, 4 ' 1 ~ I I Clil'tljtltll i\ J IfJi'.lrl Cf tin 1 » : 1 '1~ i . . " r ~ 1 1 l ·I)c1\(ti t ~l·anS!)liIIll.: l'lJ\\"L·r (. (t_. # 1 " }ll~Ucrkslli rc ('rl·~UJ)Cr;·(~.J"()I't.·r.\ ti\'l' .\~'\()(i:, t i·JtlIJcr k ." 1 1ili 1 [()!--. it·r}· l_ " ()fl) (.:1tl~~
IJcst Ij'lkin.~ (~~(Jl1lJan}·Ucst t Jskil1~~ I 'al·k il~ a tl{1 ~ It 1 ) ll 1} · ( ~.{)l tl I1 t I II \ '
[J1a c k • f ) 1 1 . . \ \ · 1 1 iel {cIr (UI lZ ~ to tiJ11l~I1, , t: III \"JJlack Incr [~~llrcss (~()tl11)Ul1Yn lackstoflC \r t t l l l ' > 1 1 I.lltl1lJcr l'f )11\ I,:t n~ 'I' a kc !\ t (Jt (,r l1I}111' : 1 .1 1 } .
I l l o f J t l ~ J ~ l ' I 1 ; { " C 1~l·lltllt.~rl:f,nl {lall~;~.. 1 ' 41 1 ' ~11011 '')'I(Jt1 L~ltl;tk :lll,l S\ 1 it ~ 1 : " 1 1 1 f l \ t _ ; t \Ir:fl~ (~(I ..
II.)Slotl IIrlJkt'raJ!t' l: ,Jt111"111}·Ii (~Stun l"ar Ilt~ (~ In1l):\ r1yI l c ) s tC J t l l~();11~J'r:lnJfcr (. fJ.f J r _ ) s t o t l (~"Oill ~ll,cllitlC (~.Jnll):l11).·
lJ os t ()r , ( ~() tll ~ tt t r , ,Me (" ( )Sl,tt1 t1 ,.
ll()s ton (~.) 1 1 c l I 1 s i I ,Ie C OUC ll (:' ,n1 1, . .1t1~·IJI)5toI1 1)(!ll t ; ,1 ~IfJ{. (~rJ.
nos l () n )1iS 1 1 4rr~!n1\i1 il Inc.1 1 • • "tIJ" riilS l~nMirIL' t~IJtJ'S':ln}'Ll(lst( '11 1.,il"(·tlSC(1 1\(1trJl1lUlJi Ie 1)tt:lll·rs r\ ....( ( : 1 . ' t ItJrl t
1'1cclr 1)(Jr:lt L tC t[Jr.s\ I)n ~ II ~t(Jr Trllc k ,\ -;Sf )Citl t ir)11. Illet If l)f)f ~\ tt'rlIst f •n ~ l·t ;,llll~\1~Ii1 (~ \ Ir t ;\i1 (~. 4 1 1 1 1 t tt\ J 1~.
..
H eston ~ ,. .t lC)lt I r ouse, 111~.
If)S tun I',lr II.r Prum e (~ '(nnpau yHost on ~(.' l(,c II (·l'11111fl 11~·
IJf)st (.11 Sllk l '\ -l t ie , ) " t l:ompany11()~lllll St Il·(li:\tt)f l-().ltoston -l~cll-J.:r.'l)h lnstiuue, Inc.I~ IS t t ) r 1 I I I ' ( 'fa!~!t" ( ~( )1t1p:,11}•B oston ~ I·ftll l '()tll11ilt1)1'll()}-rc ;'I1( 1 1)at fiel, I II otel Com rtiLll~·
) I f )~'Il t on ,\ \1t', I ' : :c I lr\. 'ss (...J I1r i (i .cc ('tJJ11 nany, The[Jri(tJ.:c 8t rl'cl I} r\t~ (~~()1111};111)'
I ) rill~l·:; Sll("~ itllt}· ('(J%111xmv
Irill)~c\\+,l t er I~l'·t~tri(~ (:, un pany, ')-Ilt.-Uri~t()1 (~·l)\ltlt)· Furniture l4l()ll11):111~'
II r()~\'1wny 111\·C"'lI1Il't' t ( i t o (11111t~ltl!r"
Bro c k tu n J\ musemen t Comnn tl}iI
II roc k ton It t ca l H hoe l~)tlll It\ (1~·I J r( , , , 9 k t(111I{1 1 J be r 1 1 e e l < . : r lIlli' t'1\yI J roc k tItl - 1 ~rut'..I{(Jf~k C ()111 1 1 : , 11~'
I lromour ..Illt Salc~ (·l1111 r u " , ; '1 1rosn i 1 a n \ \' rene tl ("01u 1J:\ny i TheII rnwn J:. ,1.1it~:Uml 'rl~ll~,Cum Il'ln)·I,( I\v r ' ~ t C 1\ ki1H l~)' 111';l1 }"Ilurtun Electric ('I(ltll Treating C().III~ 1 1\\1' '1}· Ie t~t~am l".n n pa n}· ((_)~~ '11J ! C l l N0\'. ~Il.I~(~~ )
IJu t ler "1 otor T ru e k C f 1!11 n n 11~·uf :\ ew I~11~tllI1(1IJlllZ:lftl" ll;'~·l~~s.tl..r l~I)rllilall~·, ~r·11CI) to rf J rl II~:\ ( tu l t ,) r 1• 11 1C -
l _ ll(: • 1 . 1 ~ ),1 f ' 1 1 , I fiet \1 riI': ('I ) 11111n " ~'(~. I). ItII Skirt :"1anufnct ltri1'~ (,.:()lllllllll\'
C . (~~ P~I)·1,t 1~l~.l ther (~()rnpa 11~.
C. II. I rnwn 1~ll~tino l·nm I);ltl v , TheC. If. L ov eln I\ C I C om ~);111}+
« ~ II \ \.. ,\ l)(t!r l " ' ~ '1111 xmv, r ncnrporu tell(.~ • \ \,. 6 , \ iIC(IX ..(: H 0 r 1•( ~() 011',\11 Y
l~arlll)rilIKl' ~\II\ uwrneut l:(1111p;ln)·( _' aI r11 J ri , It{ L a I) · , ) " r tm t' 11t Stu r c (~- 11111il rll'
l:a [lC .. n11 :\ ("\!OS l~.111111111Y(,~~lIIC(I~}ft () )"stcr (~tlln It;, 11)-. f ' l ' 1 1 h c(~;'rl')·Shr )c ("t)ml,an~'t~lril,l t(-:ln l~r'lit (~C)ln pa 11~'t"l\rl Healll·rJ.: C()rtt IJ:lll~·
(~:lr llt)tt II)tc I(;.1Jl' f"111~·
(.·:lrsfJtl ..ltl·i(1)- (~t tl1111,ln~"
< ' : : ' : : ' l l t.~ S e IU:l rl' r) r \l ~ : ( "(trill 1:\11~'(~fL.;;tlc Sllt1llrt- t.:Lr;'~~l,.a 111C.
('t·t\ t \1r}· ~I ( '1 1 t1t11l! 1 1 t:t 1 \ \" t ,r k~( . .h a r l t " ' - t J\ ~ ~ Il\~tt'r~ (~(lllll);t It~·
( 41 hrlrles ,\ tl( 1(,tS()rl (~( '111J J ill1( : 11, \ rll~:; l } i • ( ~ . liI ( , () t1111fill Y
(~lltLrl{"s I r t IJi \ ~ , ) 1 1 (~(lftl P:lfly. 1~llt~(~!l:tS. S. ('111:1 1111~rll.!).' I rlC(Jrpflr at c&I("ll:\rlt,~ \v . ~fl)itll "(l1nI11'tl}·("'Iil~t~ \~ I J ~ l kt'r (~(Jrnt':ltt~·
r ·Ilt,lst-.;\ ;\tlllISf'nll'n t (~Otnf)311y( ~ 11 1I~':l (..rt 1 ~L ~ t!(~n 1 1 , : , t1~.
(~IIPlsl'il (1:\~ I.,i~~t t C : C It Illl.lltyt -lllllsc:\ Ss)ri 11K ~ t;,ntl r :tct IIr i 11K COrlll)~l '1y
lhcstllr Otl~lrr ~1 ( f lltlr),lfl).'. -rIle(~Ilt)iltt' lJrtl~t ,LIllI (+~ht.l1it:::ll t:(Jtll(Ja n~·. ~I~tl('( :illire t ) I Jrl·~~" ItC~~.. ~l"lte( : l : ll 'r) " 1~C 41 ( . f " 1 1 1 ' ;L11\ . . !ll'll('l:l:lrk t, r r . " . (~f jIll 1,n n~I"
(~I;Lrk (~Ileillit':lt (~4)Tll1)an~~
( · 1 1 t1t()n l~rl1it ("()111 J 'nl\ Y
( ~ I i 1 t ()r l . .r 'i r 1 t~"i I\11) 1 i"I\i1f .: l'l()t 1 , 1 1 :111~,. .
l "f > 1 , I J S t (l\'l· :ltlC I ~Ilr 1 1il~l"()1111-r1}.("C)l,llrn 1\ tl t 'J H " I t , ! ' ( ; C)1111)~1n)1t I It "'t'e · ~jtl~'S1I't l~t(·ctric (~(11111)all~·( ~ ( Jl lins IJll~'rl11Ill:}" I 11tC.( : , , 1 1 \·t'r ~r'lUs (~'~JllI1:\n~·. j t l ' ~ h t i
8/7/2019 Alfred D Chandler_Express Trusts Under the Common Law
loluninl l~r~tKc. Inc.loloninl [A t at her l;(,( .Ils Com (1{ln~'
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8/7/2019 Alfred D Chandler_Express Trusts Under the Common Law
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'~·
~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.
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:\ 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
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SOli tlw rn lIu lcl i n l o t CutO ran}'. TheS~)llilltrrl I I l i l 1 f 'i~ (~ol\l ( ~11 1IJ:&'l~;
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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)~
8/7/2019 Alfred D Chandler_Express Trusts Under the Common Law
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