Robertson v. Robertson's Trustee
Court of Appeals of Kentucky
CASE 39. — ACTION BY GEO. T. ROBERTSON AND OTHERS AGAINST MARY ANN ROBERTSON’S TRUSTEE AND OTHERS PERTAINING TO INVESTMENT OF TRUST FUNDS IN BANK STOCK. — Appeal from Shelby Circuit Court. W. H. Holt, Special Judge. Judgment for defendants.
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CASE 39. — ACTION BY GEO. T. ROBERTSON AND OTHERS AGAINST MARY ANN ROBERTSON’S TRUSTEE AND OTHERS PERTAINING TO INVESTMENT OF TRUST FUNDS IN BANK STOCK. — Appeal from Shelby Circuit Court. W. H. Holt, Special Judge. Judgment for defendants. Plaintiffs appeals — 1. Fiduciaries are restricted by section 4708 from investing trust funds in corporate securities, unless corporation has been in operation more than ten years. 2. The words of the section should be given their natural and ordinary import, thereby carrying out the intention of the lawmakers. 3. Before the passage of the act, investments…
1Opinion of the Court
Opinion of the Court by
Judge Barker —
Reversing.
The learned trial judge in his opinion in this case makes the following statement of facts, upon which the legal issues turn, which we adopt as our own: “The defendant, S. S. Weakley, as trustee of Mary Ann Robertson, in 1901 invested $1,300 of trust funds in his hands in 26 shares of the stock of the Bank of Waddy, which began business in January, 1900. In his settlement in the county court he was credited by this investment. The cestui que trust having died, this action in equity is brought by parties interested in the estate to surcharge his…
2Cases cited3 opinions
- Clark v. AndersonCourt of Appeals of Kentucky · 1877
- Durrett's Guardian v. CommonwealthCourt of Appeals of Kentucky · 1890
- Higgins v. McClureCourt of Appeals of Kentucky · 1870
3Cited by8 opinions
- Walker v. BuhlMichigan Supreme Court · 1920
- Indiana Trust Co. v. GriffithIndiana Supreme Court · 1911
- Bryan v. Security Trust Co.Court of Appeals of Kentucky (pre-1976) · 1943
- Everett v. DowningCourt of Appeals of Kentucky (pre-1976) · 1944
- Gee v. WomackCourt of Appeals of Kentucky · 1924
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