The Central Trust Company of Illinois, and Trustee of Rheinstrom v. Lueders case in 1915 revolved around a dispute over the ownership and rights to certain lands located in Arkansas. The plaintiff, Central Trust Company of Illinois (as trustee for Rheinstrom), claimed that they had acquired title to these lands through tax sales conducted by the state. However, the defendant, Lueders, contested this claim on grounds that such tax proceedings were unconstitutional as they did not provide adequate notice or opportunity for hearing before depriving him of his property - thus violating due process clause under Fourteenth Amendment. The Supreme Court ruled in favor of Lueders stating that while states have broad powers to levy taxes and enforce their collection including selling properties for unpaid taxes; it is essential that owners are given sufficient notice about such actions so they can safeguard their interests if desired. Therefore, since proper notification was not provided prior to sale at issue here; it was deemed invalid rendering Central Trust's claim void.

In the dissenting opinion for Central Trust Company of Illinois, and Trustee of Rheinstrom v. Lueders, it was argued that the majority's decision to uphold a lower court ruling in favor of Lueders contradicted established principles regarding trusts and property rights. The dissenting justices contended that the trust deed did not convey any title to real estate but merely created a lien on it as security for payment of bonds issued by Rheinstrom Bros., which were held by various parties including Central Trust Co. They believed this interpretation should have led to an outcome where the foreclosure sale under power given in said deed would extinguish all right, title or interest claimed under or through said deed; thus leaving no basis for subsequent claims against properties sold at such sales. In their view, allowing Lueders' claim based on his purchase from one who bought at such a sale undermined these fundamental concepts and could potentially create confusion in future cases involving similar circumstances.