Summary

Bullard v. City of Cisco — Opinion of the Court

On the other hand if the transfers whereby the plaintiffs came to hold the bonds and coupons were not merely colorable or simply for purposes of collection, but were real and intended to invest the plaintiffs with the full title, even though in trust for purposes of which the transferrers ultimately would be the chief beneficiaries, it is quite plain that the plaintiffs could sue in the federal court notwithstanding the several transferrers, by reason of their small holdings, may have been unable to do so.
Source: Wikisource

Bullard v. City of Cisco — Opinion of the Court

Other related provisions declared that the registered holder of any certificate of deposit should be deemed 'for all purposes to be the absolute owner thereof and of the bonds and/or coupons therein referred to, and neither the depositary nor the committee shall be affected by any notice to the contrary'; that each depositor should be deemed, by reason of his deposit, to have assented to and agreed to be bound by all provisions of the agreement
Source: Wikisource

Bullard v. City of Cisco — Opinion of the Court

Upon the termination of the agreement the securities, cash and property held thereunder by the committee were to be distributed by the committee among the certificate holders according to the amount of deposited bonds and coupons represented by their respective certificates, but subject to and upon the condition that each certificate holder should pay his share, as fixed by the committee, of the compensation and expenses of the committee, its counsel, agents and depositary, and of all indebtedness, obligations and liabilities incurred by the committee.
Source: Wikisource

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