Dauler's Estate

Citations

• 247 Pa. 356
• 93 A. 511
• 1915 Pa. LEXIS 838

Syllabus

<p>Decedents’ estates — Executors and administrators — Stock—Failure to convert — Loss—Surcharge—Improper surcharge.</p> <p>Executors who iu good faith have retained bank stock left by testator and have subsequently accepted in exchange therefor other bank stock issued in pursuance of a consolidation plan, will not be surcharged for the amount at which the testator’s stock could have been sold although the consolidated bank subsequently failed and the new stock became worthless, where it appears that shortly after testator’s death a financial panic rendered impossible the sale of the original stock at prices approximating its estimated value; that the consolidation was approved by the comptroller of the currency and that the dividends which the executors received were required by them to properly administer the estate and to pay legacies; under such circumstances it cannot be said that the loss was due to the failure of the executors to exercise that common skill, prudence and caution, which the law requires.</p>