Ferguson v. Epes

Citations

• 77 Va. 499
• 1883 Va. LEXIS 84

Syllabus

<p>1. Executors-Legacy-Investment-Life tenant-Refunding bond-Case at bar.-Executor fully administers testator’s estate, and in i860, had funds to pay the legacies, one being of $2,000, to S., an infant, remainder to C., in event S. died before marriage and without heirs of his body. From i860 till S. was of age, there was no one authorized to receive it. In 1863, executor, by an ex parte order of court, invested the amount of the legacy in Confederate bonds, and delivered them to S-, when of age, in settlement of the legacy, but took no refunding bond for their return. S. died unmarried and without heirs of his body, and insolvent.</p> <p>Held:</p> <p>1. This was not money in hands of executor received in due exercise of his trust, within the meaning of the act authorizing investments in Confederate bonds; and the executor is liable to the remaindermen for the amount of the legacy.</p> <p>2. Executor is liable to the remaindermen, in any event, for failing to take from S. proper security for the return of the fund in the event of his dying before marriage and without heirs of his body.</p> <p>3. The purchase of the Confederate bonds by the executor was a devastavit, and receipt of the life tenant, S., could not effect the right of the legatees in remainder.</p>