Security Trust Co. v. Appleton

Opinion of the Court by

Morris, Commissioner

Reversing.

Appeal is from a judgment holding appellant, Trustee, liable for the value of certain stock which became worthless. There is little dispute as to facts, but sharp disagreement as to the application of the law. J. W. Appleton died in 1910; among trusts created by his will was one to his son for life, with remainder. Appellant qualified as executor and held the estate intact until 1918, when it qualified as trustee for Bert Appleton and his children, then distributing the estate. The trust bequests to appellees were $9,000, and a one-third…