118 Ky. 836 | Ky. Ct. App. | 1904
Opinion of the court by
Reversing.
The purpose of this action is to determine whether George W. Norton and John W. Barr, Jr., as executors and trustees under the will of the late Wm. F. Norton, should pay the taxes upon certain real estate in the city of Louisville which was the property of the testator at the time of his death. Sundry bequests were made by the testator, and the pleadings admitted that the personal estate in the hands of the executors is sufficient to meet' all demands against
Because the testator provided that the trustees should dispose of the undevised real estate within five years froth his death, and that the trust fund should continue for that period of time before being turned over to the Orphans’ Home, it is contended that the real estate, although it is admitted that its proceeds and income will go to it, should be taxed. While the beneficiary of the trust fund is not given the immediate care and control of it, it is the equitable owner of it, and it could not rightfully be diverted to any uses or purposes other than those designated by the testator. If the condition required it, the beneficiary could by appropriate proceedings rescue the fund from any misappropriation of it. It is the owner of the fund, though temporarily controlled by others. While Norton and Barr are designated as trustees under the will, still they are the trustees for the beneficial owner. They are accountable to it for the management of the property and the execution of the trust. The practical effect of the provision of the will
Thé judgment is reversed for proceedings consistent with this opinion.