United States Trust Co. of New York v. Lee

Citations

• 73 Ill. 142

Syllabus

<p>1. Cobpokations —power of foreign, to hold real estate. A foreign corporation can not purchase and hold real estate in this State beyond what is necessary for the transaction of its business or the collection of its debts, either for its own benefit or in trust for others.</p> <p>2. A corporation created by the laws of New York, with power to act as trustee in carrying out the provisions of a will devising real estate,' was, by the courts of that State, appointed such trustee, under which the corpora. tion took the charge and management of all the real estate devised, including real estate in Illinois: Held, on a bill filed in Illinois by such corporation to be appointed trustee to carry out the provisions of the will, that it could not hold real estate in trust in this State, and that the bill was properly dismissed.</p>