BANK FOR SAVINGS AND TRUSTS v. TOWE

17296

231 S.C. 268 (1957)

98 S.E.2d 539

BANK FOR SAVINGS AND TRUSTS, an Alabama Corporation with its principal place of business in Birmingham, Alabama, as Trustee under Profit Sharing Trust for employees of Montgomery & Crawford Company, Inc., Henry T. Bourne, George Wayne, Thomas Crews, John S. Jemison and Otto Marx, Jr., as the Administrative Committee of Profit Sharing Trust for Employees of Montgomery & Crawford Company, and Montgomery & Crawford Company, Inc., Plaintiffs-Appellants, v. WALLACE S. TOWE, individually and as representative of a similar class and Leon Kingsley, individually and as representative of a similar class, Defendants, Ex parte Lucille P. Gallman, individually on behalf of herself and all others similarly situated who may share in the benefits and the burden of her intervention, Petitioner-Intervenor-Respondent.

Supreme Court of South Carolina.

May 22, 1957.


Attorney(s) appearing for the Case

Messrs. Butler & Chapman, of Spartanburg, for Appellant, Bank for Savings and Trusts.

T. Sam Means, Jr., Esq., of Spartanburg, for other Appellants.

Messrs. Johnson & Smith, of Spartanburg, for Respondent.


May 22, 1957.

MOSS, Justice.

On December 30, 1944, Montgomery & Crawford, Inc., of Spartanburg, South Carolina, executed and put into effect a profit sharing trust for the benefit of its eligible employees, and appointed the Citizens and Southern National Bank of South Carolina as trustee. Under the terms of the said profit sharing trust agreement the company agreed to contribute certain funds to be paid into...

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