EDITORIAL DEPARTMENT convincing. He seems also able to avoid biographical enthusiasm and presents a fair estimate of the relative importance of his several subjects. The volume as a whole sets a high standard for those that are to follow. BIOGRAPHY (HADLEY) . An account of the official career of Attorney-General Hadley of Missouri entitled " The People His Clients," by H. J. Haskell appears in the April Outlook (V. Ixxxviii, p. 717). It shows how his policy of publicity of the doings of his office on the ground that his clients are entitled to the information followed by the success of his litigations have made it likely that he will soon be a candidate for governor of the state. BIOGRAPHY. " Samuel Freeman Miller, Associate Justice of the Supreme Court of the United States," by Charles Noble Gregory, Yale Law Journal (V. xvii, p. 422). BROKERS. " Recovery in New York of Interest in Excess of Six Per Cent Paid by Brokers on Money Borrowed to Purchase and Carry Stocks on Margin," by Harold C. McCollom, Columbia Law Review (V. viii, p. 281). CARRIERS. " Can Express Companies be Compelled to make Personal Delivery?" by George W. Payne, Central Law Journal (V. Ixvi, p. 275). COLLEGE FRATERNITIES. " The Legal Status of a College Fraternity Chapter," by Olcott O. Partridge, American Law Review (V. xlii, p. 168). In this interesting paper the author briefly describes the usual organization of fraternities, which, beginning as " volun tary associations," have now in many cases vested their property in trustees or have organized corporations. After reference to the legal rights of the members and the question of taxation, the rules as to gifts and legacies to fraternities are analyzed. The author sums up his conclusions on this' highly technical branch of the subject as follows: "I. In most states there is serious reason for doubt whether a gift made by deed or will directly to an unincorporated non-charitable association, such as a fraternity chapter. •would be valid. If the gift is made to trus tees in trust to pay the income to or to expend the income for, the chapter, and the trustees are willing to perform the trusts, the gift is probably valid, though a possible question
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may be raised on the ground that there is no legal person capable of enforcing the trust as beneficiary. "II. If the chapter or a chapter house association has been incorporated, the donor may adopt one of several courses. He may ( i ) give the money or property to the corpo ration outright 1(2) give it to the corporaton in trust to apply the income annually for certain specific purposes forever; (3) give the property to the corporation as trustee in trust to pay the income to, or expend it as directed for, the unincorporated chapter; (4) give it to trustees in trust to pay the income to the cor poration annually forever; or (5) give it to trustees in trust to pay the income to or expend it for the corporation for a stated period of time, and then pay over the principal to some person or corporation to become its unre stricted property. "Of the above gifts, there is no doubt that (r) is valid. The corporation has the unre stricted use of the principal. Whether (2) is valid depends on whether the purpose is within the purpose stated in the corporation's charter, and if so, whether it has power under its charter and the statutes of the state to hold funds in perpetual trust for the purposes of its incorporation. As to (3), this gift raises the same question as would be raised by a gift to individual trustees in trust for the unincorporated chapter. The gift in (4) is valid; and this would ordinarily be a satisfactory way to make such a gift, as the corporation and trustees could pretty certainly be depended upon to carry out the donor's wishes. The corporation, however, has the right at any time to call upon the trustees for the principal, which it may then use. in any way it sees fit. Its right to the income is assignable, and is subject to the claims of the corporation's creditors; in most states, at least, it cannot be made otherwise. The validity of the gift in (5) depends on the time at which the principal is to be paid over. The trust in this case cannot be made to exceed the period stated in the rule against perpetuities. The corporation cannot call for the principal. Whether, if the income is payable to the corporation, it can be prevented . from assigning its right to the income, and whether creditors can be prevented from
