Bright v. King

• Decision Date: 28 April 1898
• Citation: 45 S.W. 508
• Parties: BRIGHT v. KING et al. KING et al. v. NOLAND et al.
• Court: Kentucky Court of Appeals

45 S.W. 508

BRIGHT v. KING et al.

KING et al. v. NOLAND et al.

Court of Appeals of Kentucky.

April 28, 1898

Appeal from circuit court, Boyle county.

"Not to be officially reported."

Action by W. H. King and others, legatees of S. H. King, against Greenberry Bright and others, to recover trust funds. From a judgment for plaintiffs against defendant Bright, he appeals. Reversed. From a judgment for the other defendants plaintiffs prosecute a cross appeal. Affirmed.

BURNAM J.

By the will of S. H. King, probated in 1883, his entire estate consisting of about 180 acres of land, 30 shares of bank stock, and about $3,000 in personalty and cash notes, was devised to his wife, to be held in trust by her for the maintenance and education of his minor children until the youngest arrived at the age of 21, and she was also appointed executrix, the will directing that no security be required on her bond. The will authorized the expenditure by the trustee of the annual accumulations of the estate, and directed that after his youngest child should arrive at age, the entire estate should be divided among his wife and children in accordance with the statute. In 1887, Mrs. King bought a dwelling house in Danville, the legal title to which was taken to her, for which she agreed to pay the sum of $5,500 of which amount $1,600 was paid by the transfer of a note on C. C. Fox, which had been executed by him to the testator, S H. King, $1,500 additional being paid in cash by checks drawn upon the individual account of Mrs. King, and the balance of the purchase money remaining a lien on the property. She occupied this property as a residence, and listed it for taxation in her own name, until the institution of this suit, in 1894. In 1889 the Farmers' National Bank of Stanford, in which testator held a certificate of stock for 30 shares, and in which Mrs. King herself held a certificate for 36 shares, went into liquidation. She realized from the 30 shares belonging to the estate $4,200, or a premium of 40 per cent., and also a like premium on her individual shares, and all this money was placed to her individual credit in the Stanford bank, and about the same time she deposited in this bank $1,500, the proceeds of a small tract of land owned by her, which was also placed to her individual credit, her individual fund approximating about the amount realized in money from the personal estate of her husband. From the date of her qualification as executrix and trustee, in 1883, until the filing of this suit, in 1894, Mrs. King exercised absolute control over the entire property bequeathed by her husband, making no settlement of any kind, no steps having been taken during this period by any of the beneficiaries to look after their rights or interests. After the liquidation of the Stanford bank she transferred all the trust money and her own money which had been standing on the books of the concern to her individual account to the Boyle County National Bank, having same placed to her individual credit. She seems to have been actively engaged in business, borrowing money for first one thing and then another, all of which was likewise placed to her individual credit,...