Hart v. Citizens National Bank

Citations

• 105 Kan. 434
• 185 P. 1
• 7 A.L.R. 933
• 1919 Kan. LEXIS 101

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>Will — Trust Fund — Breach of Trust by Trustee — Action to Recover Fund by Beneficiaries — Barred by Statute of Limitations. A testatrix devised and bequeathed property to a trustee for the benefit of her grandchildren. The beneficiaries were minors, and were not to receive the trust estate until they reached the age of twenty-five years. Until that time the trustee was vested with title and with full power and discretion respecting management and disposition of the trust property. A portion of the property consisted of bank stock, which the- trustee disposed of to the defendant, under such circumstances as to constitute a breach of trust, in which the defendant knowingly participated. Afterwards the trustee, resigned, and another trustee was appointed, who became vested with the same title and authority as her predecessor. She suffered her right of action to recover the bank stock, or its proceeds or value, from the defendant, to become barred by the statute of limitations. Held, subsequent action by the beneficiaries, after they became of age, against the bank for the same relief, was barred.</p>