Becker

Two actions were brought in the Superior Court of Los Angeles County, praying that the plaintiffs’ title to certain shares in a common-law trust be quieted as against the trustees thereof; judgments were rendered in favor of the plaintiffs, and the defendants appealed.

A common-law trust, designating F. L. Stineman, Charles Paige, L. H. Hendricks, F. W. Kasl, and S. F. Woody, as trustees, was created for the purposes of financing, constructing and operating an amusement enterprise, to be capitalized at $100,000, represented by certificates of shares of the value of $100 each. Said trustees Paige and Stineman were also named among the beneficiaries, and recorded in the declaration of trust as the owners of 150 shares and 250 shares respectively, subject to conditions and covenants of the parties hereinafter mentioned. Stineman transferred to the trust a leasehold interest in the premises upon which the structure was to be erected, together with his interest in a contract with Paige wherein the latter agreed to construct and deliver to Stineman • ‘1 fully equipped and ready for operation, with all bills checked and approved, and free from all liens, incumbrances and liabilities,…