Cooper v. Cooper's Ex'or

Citations

• 77 Va. 198
• 1883 Va. LEXIS 48

Syllabus

<p>Executors&emdash;Liability&emdash;Widow&emdash;Jointure&emdash;Dower.&emdash;By will probated July, 1873, testator made assets to pay all his debts, of his whole estate (valued at $46,000), except two hundred and twenty-five shares of bank stock, valued at $20,000, and specifically bequeathed to his wife and children. He authorized his executor to sell at his discretion, his whole estate, except the bank stock, and after paying his debts, the residue to go also to his wife and children. Financial panic in 1873 depressed property values, and no sales were made until after suit instituted in June, 1876, to settle the estate, by the reports of the accounts therein taken, revealed that the debts had swollen to $25,000, and the assets dwindled to $8,000, and the bank stock become worthless. The widow never renounced the will, nor claimed dower until December, 1877, when she filed her petition in the suit, avering she had lawfully been deprived of her jointure, and desired her dower in the lands of her husband, which had then been sold under decree in the suit. She also claimed homestead exemption in his estate. She filed exceptions to the said reports wherein they failed to make the executor account for the bank stock, and to hold him liable for his failure to convert into money so much of the estate of the testator as was necessary to pay the debts, before its depreciation in value. Court below overruled the exceptions and denied the prayer for dower, but allowed the homestead. On appeal by widow&emdash;</p> <p>Held:</p> <p>1. By a long series of decisions, it is well settled in Virginia that if an executor honestly exercise the discretion conferred on him by the will, he cannot be held liable for any loss which may have been occasioned by a mere error of judgment.</p> <p>2. Circumstances under which a fiduciary is held exonerated from liability for the loss of the trust subject.</p> <p>3. The widow having declined for over four years to renounce the will and claim t