Enlow's Adm'r v. Trustees of Bethel College

• Decision Date: 29 April 1902
• Citation: 67 S.W. 989
• Parties: ENLOW'S ADM'R v. TRUSTEES OF BETHEL COLLEGE. [1]
• Court: Kentucky Court of Appeals

67 S.W. 989

ENLOW'S ADM'R v. TRUSTEES OF BETHEL COLLEGE. ^[1]

Court of Appeals of Kentucky.

April 29, 1902

Appeal from circuit court, Christian county.

"Not to be officially reported."

Action by S. Y. Trimble, administrator of James Enlow, against the trustees of Bethel College, for the construction of a will and for the advice of the chancellor as to plaintiff's duties thereunder. Judgment for defendants, and plaintiff appeals. Affirmed.

W. L Reeves, Ben T. Perkins, S. Y. Trimble, and Hazelrigg &amp Chenault, for appellant.

Downer & Russell, for appellees.

BURNAM J.

The will of James Enlow, a citizen of Christian county, Ky. was duly probated and recorded in the Christian county court in 1870. The first 11 clauses of his will contain specific bequests to his kindred. The twelfth clause is as follows "I will that no legacy be paid any legatee of my estate until after the first of May, eighteen hundred and seventy-two, and direct that my trustee hereinafter named, or his successor, invest all moneys accruing from dividends on bank stock and otherwise that may come into his hands in some safe form,--either loaning or otherwise, as his judgment may dictate,--and to continue that course with all moneys that may come into his hands until the first of May, 1872, at which time he shall collect all moneys due the estate, and pay over to the legatees, or their representatives, all legacies bequeathed to them. If there is not enough money on hand after collecting all debts to pay off all the bequests, my trustee is directed to sell as much of my stock in the First National Bank of Paducah as will finish paying off all the legacies that I have made. The balance of my bank stock, if there is any remaining after everything is squared up, is to remain in bank as long as the bank does business and is properly managed, and I direct my trustee to pay over the dividends accruing therefrom to the trustee of or treasurer of the Russellville Baptist School, to aid in boarding and clothing poor young men that they may become properly qualified for the ministry; my trustee taking proper vouchers in all cases where money is paid over. I make this bequest not exclusively for the benefit of the Russellville Baptist School. That school may break up, or be removed to some other locality. If so, I wish the funds applied to aid another Baptist school, in aid of boarding and clothing the poor young men that may attend it. If the bank should cease doing business, my trustee will sell the stock, and invest the proceeds in some safe security, and through my trustee's successors the dividends accruing therefrom to be applied as before stated; and I do hereby appoint my worthy and esteemed friend, William Beadles, Esq., trustee of my estate, when duly qualified to carry out the provisions of the foregoing will, to do all necessary needful acts in regard to the same; and I will and bequeath him five hundred dollars as compensation for his services." William Beadles, who was president of the First National Bank, qualified as executor thereunder, and proceeded to administer the estate. After the payment of the debts and of the specific devises, there remained a balance under the residuary clause of the will of about $10,000, which was invested in the stock of the First National Bank of Paducah, which was managed and controlled by Beadles as trustee under the will for a number of years. The dividends which accrued thereon were paid over to the trustees of the Russellville Baptist College. The capital stock of the bank was in the meantime reduced from $250,000 to $100,000, and the difference paid over to Beadles in cash. In 1881 Mr. Beadles resigned the position of trustee, after fully settling his accounts; and thereupon S. C. Long was appointed administrator de bonis non of the estate of James Enlow by the Christian county court, and took charge of the trust fund in the hands of Beadles under an order of the county court. Long, under his appointment as...