Johnston

Held that "although the plaintiffs were not present at the time of the acceptance of Johnston’s proposition, and the sale of the property, yet they are presumed to have knowledge thereof, and of the payment of the debt, and of the improvement of the mill, as they had ample opportunity of acquiring such knowledge: the law being, that a person is presumed to know what by reasonable diligence he could have ascertained. 7 Blackford, 829.

B was also held, that .proof of a mere legal right is insufficient to maintain this action, which is based upon certain equities alleged in the complaint. The two are separable. Hey may or may not unite in the same person. To induce the action of a chancellor, the equitable *209 right must be established. For upwards o£ tew years, the plaintiffs treated their stock and the mE as abandoned, and yielded up to the defendants; and the corporation as haring m emt-mw—acquiescing in their claim. Such a course of action of fee plaintiffs, would be & fraud upon the defendants if they were permitted, after a lapse of so much time and the expenditure of money in refitting the mE and the payment of the corporation debts, to assert their claim in a court s£…