Merrick & Ruddick, Inc. v. Title Insurance

Plaintiff brought this action' against defendant Security Trust and Savings Bank, the trustee, and certain other defendants who were beneficiaries under a declaration of trust and its supplements seeking an accounting of alleged profits claimed to be due to plaintiff as selling agent of the property involved. After a reference for the purpose of an accounting, judgment was entered in favor of plaintiff in the sum of $18,209.06, together with interest. From this judgment defendants appeal.

In 1923 Harry Merrick, the vice-president of Sunday, Merrick & Euddick, Inc., had an option on a large tract of land. He negotiated with the appellant beneficiaries for the purchase and subdivision of the trust and the negotiations culminated in the original declaration of trust. The purchase of the tract was consummated by a loan from the Title Insurance & Trust Company and by the money advanced by the appellant beneficiaries. The property was conveyed to the appellant trustee for the purpose of subdivision and sale and Sunday, Merrick & Euddick, Inc., was appointed selling agent to direct the sales for a period of one year. The original declaration of trust dated March 9, 1923, provided in…