Boss

At the time when the cause of action herein accrued the defendant Silent Drama Syndicate was an unincorporated association operating by virtue of a trust agreement under which defendants Graydon and Brown were its trustees. The business or property of the syndicate was divided into shares of the par value of $100 each, of which one Keady was the owner of 220 shares evidenced by a certificate of stock to that effect. For the sum of $500 in cash paid to him by Otto J. Boss (the plaintiff herein), Keady sold to Boss five shares of such syndicate; and thereupon Keady surrendered his certificate of 220 shares to the defendant Silent Drama Syndicate, which association, in lieu of said 220 shares, issued a certificate of stock to plaintiff for 5 shares, and a second certificate to Keady for 215 shares. Approximately sixteen months thereafter plaintiff brought an action against all of said defendants for damages to him arising out of the fraud and deceit of said defendants in issuing the said certificates of stock. From a judgment rendered in favor of plaintiff, defendants appeal.

It is admitted by appellants that at the time of issuing the certificate of stock to plaintiff no permit had…