Citizens' National Bank v. Jefferson
Court of Appeals of Kentucky
Case 101 — PETITION EQUITY — APPEAL PROM LOUISVILLE CHANCERY COURT. As this is a friendly suit to test the right of executors to sell and change investments of property held by them in trust under a will, counsel merely points out to the court the authorities bearing upon the question.
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Case 101 — PETITION EQUITY — APPEAL PROM LOUISVILLE CHANCERY COURT. As this is a friendly suit to test the right of executors to sell and change investments of property held by them in trust under a will, counsel merely points out to the court the authorities bearing upon the question. (Hill on Trustees, side p. 471 ; Perry on Trusts, sections 764, &c.; Allen v. Graves, 3 Bush, 491; Luxon v. Wilgus, 7 Bush, 206; Prather v. Weiseger, 10 Bush, 120; Bank of Louisville v. Gray, 84 Ky., 567.) 1. The trustees having various duties of management, control, &c., imposed on them, are necessarily vested…
1Opinion of the Court
JUDGE PRYOR
delivered the opinion oe the court.
This action in equity was instituted by the executors! and trustees created by the last will of Thomas L.. Jefferson,, deceased, against the Citizens’ National Bank,, and involves the rights and powers of the executors and trustees under that instrument.
It is evident that the executors are now holding the property as trustees for the devisees, and not as the representatives of the testator.
By the first clause of the will of the testator he-appoints the appellees, Thomas L. Jefferson, Jr., and Henry Jefferson, his executors, and then proceeds…
2Cases cited1 opinion
- Luxon v. WilgusCourt of Appeals of Kentucky · 1870
3Cited by10 opinions
- Pabst v. GoodrichWisconsin Supreme Court · 1907
- In re the Trust Estate of CookCourt of Chancery of Delaware · 1934
- Vickers v. VickersCourt of Appeals of Kentucky · 1920
- Jarvis v. National CityKentucky Supreme Court · 2013
- Gee v. WomackCourt of Appeals of Kentucky · 1924
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