"`This agreement, made and entered into this 13th day of October, A. D. 1891, by and between J. N. Bick and N. P. Glann, copartners doing business under the firm name and style of Bick and Glann, of the city of Toledo, state of Ohio, parties of the first part, August Heman, of the city of St. Louis, Missouri, party of the second part, and William Heman, of the city of St. Louis, state of Missouri, party of the third part, witnesseth that the said parties of the first part, in consideration of the debt and trust hereinafter mentioned and created, and of the sum of one dollar to them paid by said parties of the second part, the receipt of which is hereby acknowledged, do by these presents grant, bargain, and sell, convey, confirm, set over, and assign unto the said party of the second part, forever, all our right, title, and interest in and to a certain contract, dated at St. Louis, Missouri, February 18, 1891, between Bick and Glann, said parties of the first part, and the Heman Construction Company (a corporation of the city of St. Louis, state of Missouri), together with all moneys that now or may be due Bick and Glann under said contract, or that any time hereafter may be due Bick and Glann from Heman Construction Company, together with their right, title, and interest in all property, goods, and chattels at the Chain of Rocks, in the city of St. Louis, Missouri, said property consisting of rails, cars, derricks, wheel and slusher scraper, black-stone crusher, tools and implements of a blacksmith shop, horses, wagons, and carts, engines and boilers, all of said property now in the custody of Heman Construction Company, and being used by said company in the construction of certain settling basins at the Chain of Rocks, in the city of St. Louis, Missouri; to have and to hold same, with the appurtenances, to the said party of second part, and to his successors hereinafter designated, and to the assigns of him and his successors forever, in trust, however, for the following purposes: Whereas, the said Bick and Glann are justly and truly indebted to William Heman in the just and true sum of thirty thousand ($30,000) dollars for money this day loaned to said Bick and Glann for the purpose of enabling said Bick and Glann to comply with the terms of their said contract with Heman Construction Company, which said sum of thirty thousand dollars said Bick and Glann promised to pay to said William Heman, together with interest thereon at the rate of eight per cent. per annum, when the Heman Construction Company, or its successors or assigns, has completed all the work required to be done under a certain contract between the city of St. Louis and Heman Construction Company, dated February 5, 1891, for building the settling basins at Chain of Rocks. And it is hereby stipulated and agreed that said parties of the first part shall have the right and privilege, upon giving the party of the third part sixty days' written notice, of paying said $30,000, or any part thereof, before the completion of the said contract of city of St. Louis with Heman Construction Company. And it is further agreed by the parties hereto that the $30,000 this day loaned to the said parties of the first part by the said party of the third part shall be placed in the hands of the party of the second part, as trustee, who shall use and apply same to and for the account of parties of the first part in the matter of carrying out and performing their said contract with Heman Construction Company, dated February 18, 1891; and said sum of $30,000 shall be used by said party of the second part for no purpose but to pay for work and labor done and to be done and material used in said work at settling basins at Chain of Rocks, in the city of St. Louis, except the sum of five thousand dollars ($5,000), which shall be paid to party of the second part, and said party of the second part shall pay out said money as it may be required in the construction of said settling basins. And the said party of the second part shall receive and collect and pay out all moneys which said parties of the first part are entitled to receive under their said contract with Heman Construction Company
dated February 18, 1891. Now, therefore, if the said parties of the first part, or their representatives, shall well and truly pay to said William Heman, or his legal representatives or assigns, said sum of $30,000, together with interest thereon from October 13, 1891, at the rate of 8 per cent. per annum, when the same becomes due and payable under this contract, then this trust shall cease and be void, and the said party of the second part or his successor shall pay over to the said parties of the first part such balance of said $30,000 as he may then have on hand, and any other money that he may have received by virtue of said contract between Heman Construction Company and parties of the first part that he may not have paid out; and he will return to said parties of the first part all property which he may have on hand that is hereby assigned to him, and which was delivered to him upon the execution of this instrument. But if said principal debt of $30,000 which Bick and Glann owe William Heman, and the interest thereon at 8 per cent. per annum, which they have agreed to pay, are not paid when they become due and payable under this contract, then this conveyance shall remain in full force, and the said party of the second part shall immediately apply all money that he may have on hand belonging to said parties of the first part, and all money which he may at any time receive from Heman Construction Company under said contract of February 18, 1891, to the payment of said debt and interest; and, if the same shall not be sufficient to pay said principal debt and the interest, that said party of the second part shall proceed to sell the personal property herein conveyed, at any place that he may designate in the city of St. Louis, Mo., to the highest bidder for cash, after first giving five days' notice of time and place of sale, by posters placed in three prominent places in the city of St. Louis, and also delivered to Bick and Glann; and that, after first paying the costs and expenses of the sale, he will apply the balance to the payment of the balance of said debt; and if, after paying said debt, interest, and costs, he has any surplus on...
