JAMESON, District Judge.
In 1907, 13 persons bought a piece of real estate from John Widney, who conveyed the property in trust to Title Insurance & Trust Company. The seller, purchasers, and trust company joined in a declaration of trust, which designated Widney as "payee", the purchasers as "beneficiaries," and the trust company as "trustee." It recited that the balance of the purchase price in the amount of $45,000 was payable at the rate of $15,000 a year...
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