Ellsworth v. Miner T. Ames Co.

Citations

• 125 Ill. 223
• 17 N.E. 467

Syllabus

<p>1. Trust—when it arises—as between principal and agent. A partnership firm obtained a certificate of membership in the Board of Trade of the city of Chicago. The certificate was taken in the name of an agent of the firm, in order that the agent might thereby, with greater facility, transact the business of his principal. The certificate of membership was regarded as the property of the firm, and as such was held in trust by the agent for his principal.</p> <p>2. Jurisdiction in chancery—in matters of trust. In the case of a trust, as, between principal and agent, where the latter holds a certificate of membership in the board of trade, but which is the property of the former, a court of equity has jurisdiction to compel the transfer of the certificate of membership to the real owner.</p>