Louisville & Nashville R. R. v. Schmidt
Court of Appeals of Kentucky
CASE 20. — ACTION BY A. L. SCHMIDT AS TRUSTEE FOR BONDHOLDERS' OF THE NORTHERN DIVISION OF THE CUMBERLAND & OHIO R. R. CO. AGAINST THE L. •& N. R. R. CO. AND OTHERS FOR AN ACCOUNTING, AS LESSOR. — Appeal from Jefferson Circuit Court; (Chancery Branch, Second Division). Samuel B. Kirby, Judge.
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CASE 20. — ACTION BY A. L. SCHMIDT AS TRUSTEE FOR BONDHOLDERS' OF THE NORTHERN DIVISION OF THE CUMBERLAND & OHIO R. R. CO. AGAINST THE L. •& N. R. R. CO. AND OTHERS FOR AN ACCOUNTING, AS LESSOR. — Appeal from Jefferson Circuit Court; (Chancery Branch, Second Division). Samuel B. Kirby, Judge. Judgment for plaintiff, defendants appeal — 1. A trustee’s rights and duties are defined by the instrument creating the trust, and he has none except those given, and those implied to carry into effect those given. An instrument which merely conveys to a trustee without imposing any duties or granting…
1Opinion of the Court
Opinion of the Court by
Judge Settle
—
Affirming-
After many years’ litigation and great expense, A. L. Schmidt, as trustee for various holders of bonds *232of the Northern Division of the Cumberland & Ohio Railroad Company, appellants’ lessor, finally compelled of appellant an accounting for the earnings it received from its lease of that company’s road accrued to July 1, 1890, and for the amount thereof, to-wit, $90,053.34, appellee obtained judgment against appellant as of March 21, 1898. The recovery was had under certain mortgages upon the roadbed and property of the Northern Division of the…
2Cases cited4 opinions
- Thirlwell's adm'r v. CampbellCourt of Appeals of Kentucky · 1874
- Louisville & N. R. R. v. SchmidtCourt of Appeals of Kentucky · 1902
- Phillips v. Southern Div. C. & O. R. R.Court of Appeals of Kentucky · 1901
- Schmidt v. Louisville, C. & L. Railway Co.Court of Appeals of Kentucky · 1904