See Factors. I. BROKERS. REGULATION AND CONDUCT OF BUSI- (N.Y.) Statute prohibiting splitting of commissions on realty transactions became effective October 1, 1922.-J. L. Holding Co. v. Reis, 148 N. E. 623. III. DUTIES AND LIABILITIES TO 24(1) (Mass.) Refusal to deliver on customer's demand stocks held on margin, free from claim, establishes liability to pay fair market value.-Pizer v. Hunt, 148 N. E. 801. 26 (Mass.) Legal title to stocks held on margin account is in broker.-Pizer v. Hunt, 148 N. E. 801. 37 (Mass.) Nature of declaration against stockbroker for refusal to deliver stocks held on margin stated.-Pizer v. Hunt, 148 N. E. 801. Finding held to support recovery on account annexed.-Id. IV. COMPENSATION AND LIEN. 66 (N.Y.) Agreement between party to exchange of realty and broker for other party to split commissions not inherently illegal.-J. L. Holding Co. v. Reis, 148 N. E. 623. Agreement between party to exchange of land and broker for other party to split commissions held supported by consideration.-Id. Agreement between party to exchange of land and broker for other party to split commissions held not to violate statute.-Id. 26 (111.) Fixing of rates by Interstate Commerce Commission establishes that they are reasonable, and not discriminatory.-Davis v. Keystone Steel & Wire Co., 148 N. E. 47. 30 (III.) Demurrage charges held properly included in schedule filed with Interstate Commerce Commission and published.-Davis v. Keystone Steel & Wire Co., 148 N. E. 47. 35 (l.) Parties cannot by agreement alter traffic schedules as filed and published.-Davis v. Keystone Steel & Wire Co., 148 N. E. 47. II. CARRIAGE OF GOODS. (E) Delay in Transportation or Delivery. 100(1) (III.) Strike cannot exempt from payment of demurrage charges.-Davis v. Keystone Steel & Wire Co., 148 N. E. 47. (J) Charges and Liens. 194 (Ohio) Carrier held justified under facts in collecting from consignee freight and demurrage charges after reshipment.-Pennsylvania R. Co. v. Rice Coal Co., 148 N. E. 349. IV. CARRIAGE OF PASSENGERS. Statute prohibiting splitting of commissions280(1) (Ind.App.) Carrier has duty of orgiven a reasonable and fair construction.-Id. CANCELLATION OF INSTRUMENTS. I. RIGHT OF ACTION AND DEFENSES. 4 (III.) Courts of equity have jurisdiction to set aside deeds for fraud.-Penkala v. Tomczyk, 148 N. E. 64. 14 (III.) Legal remedy of ejectment does not deprive equity of jurisdiction to set aside fraudulent deed.-Penkala v. Tomczyk, 148 N. E. 64. 24(2) (III.) Return of earnest money not prerequisite to suit to set aside deed unlawfully appropriated.-Penkala v. Tomczyk, 148 N. E. 64. CARRIERS. I. CONTROL AND REGULATION OF COMMON CARRIERS. (A) In General. 8 (Mass.) Operation of motor busses or coaches held "transporting passengers for hire as a business between fixed and regular termini," within statute.-New York, N. H. & H. R. Co. v. Deister, 148 N. E. 590. Operation of motor busses without license constitutes nuisance.-Id. dinary care to protect passenger from injury. -Terre Haute, Indianapolis & Eastern Traction Co. v. Scott, 148 N. E. 335. CERTIORARI. I. NATURE AND GROUNDS. 12 (N.Y.) Order of certiorari appropriate only to review judicial action of inferior courts or public officers or bodies.-Long Island R. Co. v. Hylan, 148 N. E. 189. 21 (N.Y.) Order of certiorari appropriate only to review judicial action of inferior courts for public officers or bodies.-Long Island R. Co. v. Hylan, 148 N. E. 189. No useful purpose served in reviewing legislative action of public body in attempting to exercise judicial functions, as such attempted action is void.-Id. 28(3) (N.Y.) Courts will not give validity to attempted action of public body acting without jurisdiction.-Long Island R. Co. v. Hylan, 148 N. E. 189. CHAMPERTY AND MAINTENANCE. 5 (6) (Ind.App.) Sale of real estate by tenant in common to her lawyer in partition suit held not champertous.-Lind v. Douglas, 148 N. E. 497. CHARITIES. 8 (Ohio) Certificate of convenience and necessity is revocable license, conferring no property rights.-Scheible v. Hogan, 148 N. E. 581. Right to revoke certificate of convenience and necessity applies to certificate issued on affida- I. CREATION, EXISTENCE, AND VALIDITY. vit prior to April 28, 1923, and certificate is (Mass.) Founder of charity may fix and sued on application thereafter.-Id. Order revoking certificate of convenience and necessity may be entered upon good cause shown upon notice.-Id. define its nature.-Trustees of Andover Theological Seminary v. Visitors of Theological Inst. in Phillips Academy in Andover, 148 N. E. 900. 8 (Ohio) Motor equipment not required by 13 (Mass.) Donor may give property in Motor Transportation Act to be owned by trust to maintain Christian doctrine and to transportation company.-Northern Ohio Trac-extend particular Christian denomination.tion & Light Co. v. Public Utilities Commis- Trustees of Andover Theological Seminary v. sion, 148 N. E. 584. Visitors of Theological Inst. in Phillips Academy in Andover, 148 N. E. 900. Application to alter route or change number of vehicles heard only in accordance with notice prescribed.—Id. II. CONSTRUCTION, ADMINISTRATION, AND ENFORCEMENT. 8 (Ohio) What evidence in application of motor bus company for certificate of public 31 (Mass.) First donors for establishment convenience and necessity to compete along of theological seminary founders in technical For cases in Dec.Dig. & Am.Dig. Key-No.Series & Indexes see same topic and KEY-NUMBER sense.-Trustees of Andover Theological Semi- 36 (Mass.) Nature of institution as declared by founders is single end to be sought.Trustees of Andover Theological Seminary v. Visitors of Theological Inst. in Phillips Academy in Andover, 148 N. E. 900. Plan of closer affiliation of theological seminary with divinity school of college held, under facts, not to conform to purposes of founders of seminary.-Id. Findings held not to show that plan of closer affiliation of seminary with divinity school was in conformity to purposes of founders of seminary.-Id. Impracticability of execution of charitable trust held not to authorize trustees to make different disposition.-Id. Approval of earlier plan of affiliation of seminary with divinity school by visitors held not to require approval of plan of closer affiliation. -Id. Generally no length of time of diversion of charity will prevent its restoration to true purpose.-Id: Construction placed on charitable foundation of doubtful meaning by administrators entitled to weight.-Id. 37 (Mass.) When purpose of charity is impracticable of execution, it may be directed into other channels under doctrine of cy pres.-Trustees of Andover Theological Seminary v. Visitors of Theological Inst. in Phillips Academy in Andover, 148 N. E. 900. Doctrine of cy pres administered only by court of equity.-Id. cation to have been made subject to visitatorial powers.-Id. Visitors of theological seminary held, under facts, to have jurisdiction touching seminary as entity.-Id. Visitors of theological seminary held to have supervision and control of decision as to whether seminary would consolidate with divinity school of college.-Id. Trustees authorized by statute to receive gifts to academy subject to conditions imposed by donors.—Id. Visitors of theological seminary not restricted to single annual visitation.—İd. Annual meeting of visitors not kept alive by successive adjournments.-Id. Meeting of visitors of seminary as visitation not improper.-Id. Meeting of visitors at point other than seminary held not to invalidate it.-Id. Failure to conform to provision limiting office of visitors to those under 70 years of age not fatal to acts performed by them.-Id. Provision prescribing age limit of visitor of theological seminary held directory.-Id. Visitors as corporation held to have functioned with majority of members.-Id. Election of visitors to succeed retiring member held not to affect validity of visitors' proceedings.-Id. Vote of visitors to end that controversy be presented to court held not vote expensive as to merits of plan.-Id. Visitors of theological seminary not estopped from considering plan of closer affiliation of seminary with divinity school.-Id. Jurisdiction of visitors of theological seminary to consider plan of closer affiliation with divinity school not affected because officers of latter not summoned to hearing.-Id. Public charity, no longer capable of adminis-45 (2) (N.Y.) Public charitable university tration according to foundation, can be changed to new purpose.-Id. 43 (Mass.) Ordinary exercise of visitatorial powers, if founded on evidence, not reviewed by courts.-Trustees of Andover Theological Seminary v. Visitors of Theological Inst. in Phillips Academy in Andover, 148 N. E. 900. Duty of court as to visitors acting within general jurisdiction is to prevent act contrary to law. Id. Generally decision of visitor within his powers not subject to legal or equitable examination. -Id. Determination of visitors of seminary must stand, if supported by evidence.-Id. Appeal from determination or decree of visitors of theological seminary expressly authorized by statute.-Id. Powers of visitors of theological seminary held sufficiently broad to invoke chancery to enforce intentions of founders.-Id. 44 (Mass.) Visitors of foundation required to see there was no deviation in management from declared purpose of founders.-Trustees of Andover Theological Seminary v. Visitors of Theological Inst. in Phillips Academy in Andover, 148 N. E. 900. Founders had common-law right to become visitors or appoint others so to act.-Id. Visitatorial powers deemed to reside in incorporators in corporate character, unless such power is reserved to founders.-Id. Act incorporating trustees as visitors held not inconsistent with acceptance by them of funds in new corporation with visitatorial powers in others.-Id. Visitors endowed by founders with powers and duties inherent in such body under common law.-Id. Rule that general words at conclusion of specifications are to be restrained to incidental matters ejusdem generis held inapplicable.-ld. Visitors of theological seminary, when created, held to be visitors of institution, and not of particular donations.-Id. immune from liability for errors of professors or instructors or other members of its staff of teachers.-Hamburger v. Cornell University, 148 N. E. 539. Public charitable university held not liable for negligence of instructors in fulfillment of duties incidental to teaching function.-Id. Trust fund theory does not obtain in New York.-Id. Degree of care and diligence which hospital or university owes to its patients or students stated.-Id. or university to patients or to students cannot Duty of care and diligence owing by hospital be less than appropriate investigation of character and capacity of agencies of service.-Id. Duty of care and diligence to patients or students of hospital or university devolves upon corporation itself, and cannot be delegated or surrendered.-Id. Party asserting incompetent selection of instructors or employees held to have burden of establishing that fact.-Id. Evidence held not to show incompetency of employees selected by university in chemical laboratory storeroom.-Id. Evidence held not to show negligence of employee of university in handling chemicals for use in experiments by students.-Id. 49 (Mass.) Suit held not one where Attorney General alone authorized to sue to enforce charitable trust.-Trustees of Andover Theological Seminary v. Visitors of Theological Inst. in Phillips Academy in Andover, 148 N. E. 900. Attorney General has prerogative to represent public in proceeding to determine whether there has been improper use of public trust. -Id. 50 (Mass.) Cost of visitors of theological seminary to be paid out of general funds of seminary.-Trustees of Andover Theological Seminary v. Visitors of Theological Inst. in Phillips Academy in Andover, 148 N. E. 900. CHILDREN. Gifts to theological institution held by impli- See Infants; Parent and Child. III. DISTRIBUTION OF GOVERNMENTAL (A) Legislative Powers and Delegation 52 (Ind.App.) Legislature may not defeat citizen's rights by invading province of judicial department.-City of Indianapolis v. National City Bank of Indianapolis, 148 N. E. 675. 63(3) (III.) School Law, giving county superintendents certain power as to place of attendance by pupil, held not unconstitutional as delegation of legislative power.-Weatherford v. School Directors of Dist. No. 7, 148 N. E. 244. (B) Judicial Powers and Functions. 70(1) (II.) Maximum charges fixed by Legislature not interfered with by court, unless owner is thereby forced to use his property for public benefit without compensation.-Davis v. Keystone Steel & Wire Co., 148 N. E. 47. 70(3) (Ind.) When statute free from am1. POWER TO REGULATE IN GENERAL. biguity, not for court to decide necessity of pro~8(12) (11.) Hepburn Act excludes power visions.-Werber v. Hughes, 148 N. E. 149. of state to regulate furnishing cars for inter-70(3) (N.Y.) Court may consider whether state traffic.-Davis v. Keystone Steel & Wire legislative act, permitting encroachment on pubCo., 148 N. E. 47. lic street, promotes public convenience or is unreasonable.-McCoy v. Jordan, 148 N. E. 793. III. MEANS AND METHODS OF REGULA 'TION. 48 (III.) Congress may adopt convenient as well as necessary means to regulate interstate commerce.-Davis v. Keystone Steel & Wire Co., 148 N. E. 47. COMMERCIAL PAPER. See Bills and Notes. COMMISSIONERS. See Public Service Commissions. COMMON LAW. IV. POLICE POWER IN GENERAL. 81 (III.) Owner of property, devoted to use in which public has interest, must submit to regulation for common good.-Davis v. Keystone Steel & Wire Co., 148 N. E. 47. V. PERSONAL, CIVIL AND POLITICAL 89(1) (III.) Fixing of rates by Interstate (Ind.) Common law yields to Constitution or valid statute inconsistent with it.-Con-116 (Mass.) Impairment of contract, connell v. State, 148 N. E. 407. CONDEMNATION. See Eminent Domain. CONDITIONAL SALES. See Sales, 475-479. CONSPIRACY. II. CRIMINAL RESPONSIBILITY. (A) Offenses. trary to federal Constitution, applies only to exertion of state legislative power.-Pizer v. Hunt, 148 N. E. 801. (B) Contracts of States and Municipalities. 125 (Mass.) Acceptance of gifts by trustees of academy under authority of statute held not to impair contract.-Trustees of Andover Theological Seminary v. Visitors of Theological Inst. in Phillips Acadamy in Andover, 148 N. E. 900. IX. PRIVILEGES OR IMMUNITIES, AND 23 (N.Y.) All that must be shown to establish conspiracy is unlawful combination and 208 (6) (III.) Medical Practice Act not dissome overt act in furtherance thereof.-People criminatory excepting government v. Werblow, 148 N. E. 786. practitioners.-People v. Walder, 148 N. E. 287. CONSTITUTIONAL LAW. See Statutes, II. CONSTRUCTION, OPERATION, AND EN- 46(1) (Ind.) Constitutional questions not considered on appeal, where decision not necessary.-Meno v. State, 148 N. E. 420. because X. EQUAL PROTECTION OF LAWS. 210 (11.) Foreign insurance corporation is not citizen, entitled to equal protection of laws, until it has complied with conditions of statute. Hanover Fire Ins. Co. v. Carr, 148 N. E. 23. 229(1)(N.Y.) Palpable and arbitrary discrimination in taxes amounts to denial of equal protection of law.-Long Island R. Co. v. Hylan, 148 N. E. 189. 230 (3) (III.) Statute imposing annual tax on net receipts of foreign insurance corporations held not to violate equal protection clause of United States Constitution.-Hanover Fire Ins. Co. v. Carr, 148 N. E. 23. 48 (Ind.App.) Construction rendering statute constitutional adopted.-City of Indianapolis v. National City Bank of Indianapolis, 148 N. 238(2) (Ohio) Enforcement of Juvenile E. 675. Act not denial of equal protection.-Kendall v. 48 (Mass.) Every presumption favors valid-State, 148 N. E. 367. ity of statute enacted by general court.-Cod-249 (Ind.) Judgment, setting aside default man v. New York, N. H. & H. R. Co., 148 N. E. judgments, held not to deny equal protection of 467. laws.-Woodard v. Killen, 148 N. E. 195. For cases in Dec.Dig. & Am.Dig. Key-No.Series & Indexes see same topic and KEY-NUMBER XI. DUE PROCESS OF LAW. 251 (Mass.) One not to be deprived of life, liberty, or property without hearing on claim against him.-Pizer v. Hunt, 148 N. E. 801. 278(1) (Ohio) Ordinance creating part of city into restricted residential district held invalid as taking property without due process. -City of Youngstown v. Kahn Bros. Bldg. Co., 148 N. E. 842. 296(1) (Ohio) Enforcement of Juvenile Act not denial of due process.-Kendall v. State, 148 N. E. 367. 298 (2) (.) Fixing of rates by Interstate Commerce Commission is not deprivation of property without due process.-Davis v. Keystone Steel & Wire Co., 148 N. E. 47. 305 (III.) Jurisdiction to abate liquor nuisance consistent with due process of law.-State v. Zimmerman, 148 N. E. 5. 305 (III.) No court may divest person of vested right until he is made party to suit and has had reasonable opportunity of being heard in defense of his rights.-Leininger v. Reichle, 148 N. E. 384. Rule precluding divestiture of rights without opportunity of being heard applies to all proceedings. Id. 305 (Ind.) Erroneous decision does not de. prive unsuccessful party of his property without due process of law.-Woodard v. Killen, 148 N. E. 195. 305 (N.Y.) Statute, allowing foreign adininistrators and executors to be substituted for deceased defendant in actions in personam, held unconstitutional as violative of due process clause.-McMaster v. Gould, 148 N. E. 556. 310 (Mass.) Defendants, having had day in court, not denied due process.-Pizer v. Hunt, 148 N. E. 801. 315 (Ind.) Judgment, setting aside de fault judgments, held not to deprive plaintiffs of their property without due process of law. -Woodard v. Killen, 148 N. E. 195. 316 (11.) Workmen's Compensation Act, providing for review on questions of law only, held not to violate due process clause.-Nega v. Chicago Rys. Co., 148 N. E. 250. CONTEMPT. I. ACTS OR CONDUCT CONSTITUTING CONTEMPT OF COURT. 25 (N.Y.) Chamberlain, refusing to make payment, ordered by court, adjudged in contempt.-Youngs v. Goodman, 148 N. E. 639. II. POWER TO PUNISH. AND PROCEEDINGS THEREFOR. 40 (Mass.) Contempt proceedings not strictly either civil or criminal. New York Cent. R. Co. v. Ayer, 148 N. E. 567. (F) Legality of Object and of Consideration. 116(3) (Ind.App.) Contract of membership in employers' association, fixing maximum wages, held not invalid as against public policy and in restraint of trade.-Androff v. Building Trades Employers' Ass'n, 148 N. E. 203. 116(6) (Ind.App.) Contracts requiring automobile dealers selling in other dealers' territories to pay latter percentage of list price held not against public policy nor in restraint of trade.-Johnston v. Franklin Kirk Co., 148 N. E. 177.. 117(2) (Mass.) Limitation in contract of driver not to solicit laundry work or interfere with employer's customers in named cities held reasonable.-Boston & Suburban Laundry Co. v. O'Reilly, 148 N. E. 373. 127(2) (Ind.App.) Cannot oust jurisdiction of courts in case of disagreement between parties.-Johnston v. Franklin Kirk Co., 148 N. E. 177. Clause of contracts, making distributor's decision final in case of disagreement among automobile dealers, held void.-Id. 137(1) (Ind.App.) Not necessarily invalidated by illegal clause or part.-Johnston v. Franklin Kirk Co., 148 N. E. 177. II. CONSTRUCTION AND OPERATION. (A) General Rules of Construction. 147 (2) (Mass.) Intention gathered from language of parties, subject-matter and accompanying circumstances.-Barrows v. Fuller, 148 N. E. 374. 152 (Ohio) Agreement ascertained from language of written contract, and there can be no intendment or implication inconsistent with terms.-Blosser v. Enderlin, 148 N. E. 393. 156 (Mass.) Principle of general words at end of instrument being restrained to incidental matters ejusdem generis applied only to effectuate main purpose of writing.-Trustees of Andover Theological Seminary v. Visitors of Theo logical Inst. in Phillips Academy in Andover, 148 N. E. 900. 171(1) (Mass.) Whether contract is entire or divisible is largely question of intention.Barrows v. Fuller, 148 N. E. 374. (B) Parties. 178 (III.) "Trustee" is but descriptio personæ, in absence of agreement in contract, to look to trust estate.-Austin v. Parker, 148 N. E. 19. (D) Place and Time. time within which advertising boards should be 212(2)(Ind.App.) Contracts, failing to fix 61(3) (III.) Punishment for contempt may within a reasonable time.-Gibson Co. v. Morerected, would be construed to require erection be sustained irrespective of whether imposed ton, 148 N. E. 430. pursuant to legislative act or by court's inher215(2) (N.Y.) Notice terminating contract, ent power.-State v. Zimmerman, 148 N. E. 5. 66(2) (Mass.) Order defaulting defendant terminable at will, not effective where party and his surety held not "sentence" or "final continues to act under contract.-Cammack v. J. judgment."-Cherry v. Cherry, 148 N. E. 570. B. Slattery & Bro., 148 N. E. 781. Writ of error does not lie, where contempt proceedings still pending.-Id. (F) Compensation. 66 (5) (Mass.) Order in contempt proceed-228 (Mass.) If contract completely pering held not ripe for review in any form.-Cher- formed, contractor may recover full contract ry v. Cherry, 148 N. E. 570. price.-De Vito v. Uto, 148 N. E. 456. 66(7) (Mass.) Amount of fine not open to revision. New York Cent. R. Co. v. Ayer, 148 N. E. 567. CONTRACTS. III. MODIFICATION AND MERGER. 239 (N.Y.) Contract modifying contract under seal must, if unexecuted, be under seal.Cammack v. J. B. Slattery & Bro., 148 N. E. 781. See Assignments; Bills and Notes; Champerty and Maintenance; Covenants; Frauds, Statute of; Sales; Specific Performance; Stipu-246 (Mass.) Rights of party determined by lations; Vendor and Purchaser. modified agreement.-De Vito v. Uto, 148 N. E. 456. I. REQUISITES AND VALIDITY. 98 (Mass.) Agreement induced by fraud is voidable only.-Commissioner of Banks v. Cosmopolitan Trust Co., 148 N. E. 609. IV. RESCISSION AND ABANDONMENT. 270(2) (Mass.) Right to avoid contract for fraud must be exercised before rights of third parties intervene.-Commissioner of Banks v. Cosmopolitan Trust Co., 148 N. E. 609. 271 (N.Y.) When time as essential element of contract has been waived, owner cannot terminate contract without notice.-General Supply & Construction Co. v. Goelet, 148 N. E. 778. V. PERFORMANCE OR BREACH. CORPORATIONS. See Banks and Banking; Carriers; JointStock Companies and Business Trusts; Municipal Corporations; Public Service Commissions; Railroads; Street Railroads; Tele graphs and Telephones. I. INCORPORATION AND ORGANIZATION. 30(1) (Mass.) Vote of organizers before corporation existed held not to bind it.-Lennox v. Haskell, 148 N. E. 811. 278(1) (Ind.App.) Generally, party cannot recover on special contract in which he has failed to fulfill on his part.-Gibson Co. v. Mor-30 (6) (Mass.) Corporation held not ton, 148 N. E. 430. 278(2) (Ind.App.) When action may be maintained on contract without showing strict performance stated.-Gibson Co. v. Morton, 148 N. E. 430. 285 (2) (N.Y.) Arbitration clause held not to include contractor's claim for damages because owner prevented performance of contract.-Young v. Crescent Development Co., 148 N. E. 510. 2922 [New, vol. 11A Key-No. Series] (N.Y.) Filing of mechanics' liens on owner's property by contractor's receivers held waiver of right to arbitration under arbitration clause.-Young v. Crescent Development Co., 148 N. E. 510. 305(1) (N.Y.) Allowing contractor to continue work is waiver of time as essential element.--General Supply & Construction Co. v. Goelet, 148 N. E. 778. 313(1)(H.) On repudiation, other contracting party may sue for damages as for present breach.-Kinnan v. Charles B. Hurst Co., 148 N. E. 12. 316(6) (N.Y.) Allowing contractor to continue work is waiver of time as essential element, but does not preclude action for delay. General Supply & Construction Co. v. Goelet, 148 N. E. 778. 322(4) (Ind.App.) Evidence held to sustain finding that there was an unreasonable delay in erection of advertising boards.-Gibson Co. v. Morton, 148 N. E. 430. CONVERSION. See Trover and Conversion. (Mass.) Doctrine of equitable conversion founded on maxim that equity regards that done which ought to be done.-Baker v. Commissioner of Corporations and Taxation, 148 N. E. 593. Real estate regarded as converted into personalty from time it ought to have been converted.-Id. Expressed intent to convert must be effectuated. Id. Power to divide fund carries implication of transmutation into divisible form.-Id. to have assumed lease, nor agreed to pay land- Corporation taking over partnership assets held not to have agreed to pay rent subsequently accruing, nor assume liability under lease.--Id. Copartnership, assets of which were taken over by corporation, held liable for rent under lease.-Id. Acceptance of rent from corporation held not to bar landlord's recovery against partnership therefor.-Id. II. CORPORATE EXISTENCE AND FRANCHISE. 32(1) (Mass.) Articles not assumed to have been filed on day organizers voted to assume liabilities of copartnership.-Lennox v. Haskell, 148 N. E. 811. 34(3) (N.Y.) Bank, accepting deposit, estopped to deny corporate existence of depositor.-Joint-Stock Co. of Volgakama Oil & Chemical Factory v. National City Bank of New York, 148 N. E. 552. IV. CAPITAL, STOCK, AND DIVIDENDS. (B) Subscription to Stock. 77 (Mass.) Contract to set aside stock of corporation to be paid for out of dividends held severable.-Barrows v. Fuller, 148 N. E. 374. (C) Issue of Certificates. 104 (Mass.) Acquiescence cannot give validity to shares issued without power to increase capital stock.-Commissioner of Banks v. Cosmopolitan Trust Co., 148 N. E. 609. V. MEMBERS AND STOCKHOLDERS. (B) Meetings. 201 (Mass.) Inference that proxies were voted at stockholders' meeting not warranted; "voted unanimously."-Commissioner of Banks v. Cosmopolitan Trust Co., 148 N. E. 609. "Trust fund" indicates personal rather than (C) Suing or Defending on Behalf of Cor real estate.-Id. poration. (Mass.) Provision that shares of trust2072, (Ind.App.) Stockholder naming corshould be personal property not construed as poration defendant in suit for secret profit made converting real into personal property.-Baker by optionees selling land to it held not equitable v. Commissioner of Corporations and Taxation, plaintiff.-Brannan v. Kelley, 148 N. E. 157. 148 N. E. 593. 13 (Mass.) Conversion commonly does not take place until time specified therefor arrives. -Baker v. Commissioner of Corporations and Taxation, 148 N. E. 593. Time of conversion of land into personalty not accelerated.-Id. 210 (Ind.App.) Stockholder in corporation, formed to purchase land from optionees, held portionate share of secret profit made by them. -Brannan v. Kelley, 148 N. E. 157. not entitled to sue in his own name for pro (D) Liability for Corporate Debts and Acts. Duty imposed on trustees to sell real estate273 (III.) Interest recoverable from stockat termination of trust for purpose of distribu tion.--Id. Doctrine of equitable conversion held not to operate under facts as of date of instrument creating trust.-Id. VI. OFFICERS AND AGENTS. (C) Rights, Duties, and Liabilities as to Corporation and its Members. 19(2) (Mass.) Real estate regarded as converted into personalty at time of testator's death, when imperatively required by him.Baker v. Commissioner of Corporations and 317 (3) (Mass.) Interposition of bona fide Taxation, 148 N. E. 593. purchaser of stock without notice of alleged |