University of Nebraska College of Law - Yearbook (Lincoln, NE)

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it fragment from a 9'r1lst'a 5Y6te:936ok W4 Cook- Now at the last lecture we were discussing the case of For- taskew V. Burnup. This, you will renieinber, was a case where Burnup, who was the Hlffllll gm' frm! of 200 shares of preferred stock in a boot and shoe corporation organized under Lord Hurly-l3urly's act, demised a moiety of his equitable estate to R., who brought this action against Fortaskew, the trustee dr .mu Zurl, in Burnup's name, seeking to have the fraudulent transfer set aside as against the defendant, who took with knowledge of the trust. Or to state the case hypothetically: A. is the owner of the equitable mr, and as such assigns an individual moiety to X., let us say. Now we decided at the last lecture that there Could be no trust without a nfs, X. X. thereby had an irrevocable power of attorney to have the shares transferred on the books of the Co., sub- ject to the mortgage that we mentioned from A. to Z., which, under the common law, would create in Z. a legal interest. Now what would X. take? We saw that X. got an irrevocable power of attorney. Now the question is, What are his rights as against the assignee of the fraudulent trustee, and are they subject to whatever estate the first mortgagee had? What do you say, Mr. Baker? Baker- X. can recover. Cook- What becomes of our rule that equity acts in pymolzam and not in rem? V Baker is discreetly silent. McKelvey- Would it make any difference if the stock was com- mon instead of preferred?', Cook- I don't care to discuss that question in class, Mr. McKelveyg it belongs more properly to our course next semester in corporations. I see the time is about up, Think that last case over until the next lecture. That is all for to-day. 101

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