Calloway v. Smith

LATIMER, Justice. This case presents the question as to whether or not trust funds in the hands of a trustee, with discretionary power of alienation, can be subjected to the payment of the cestui's debts. Rose Smith by paragraph 2 of her will provided as follows: 'I devise and bequeath all of my estate, or the proceeds thereof, as follows: 'To Horace H. Smith, Jr., Five-twelfths (5/12); to Rose Ann Smith, Gene C. Smith, Bettie Smith and Anna C. Smith, children of Mason Venner Smith, four-Twelfths (4/12), and to Mason C. Henry, my brothers, of Dixon, Kentucky, Three-twelfths (3/12). The children of Mason Venner Smith are to be charged with the cost of the marker to be placed at their father's grave, to be deducted from their interest in my estate as above devised.' This action has to do with that portion of the estate, namely: Three-twelfths devised and bequeathed to Mason C. Henry, brother of the testatrix.