Finch v. Finch

Citations

• 28 S.C. 164
• 5 S.E. 348
• 1888 S.C. LEXIS 29

Syllabus

<p>1. An executor properly sold the property of his testator in October, 1862, on a credit of twelve months, and a year afterwards invested the total amount of the sale-bill in Confederate securities, which afterwards became worthless. Held, that this investment could not be sustained to the extent of the executor’s own purchases at the sale, nor to the extent of sale notes not yet paid when the investment was made, but paid to the executor in good money after the war.</p> <p>2. Under the statute, an executor purchasing at his own sale is liable to the parties in interest for the actual value of the property at the time of sale, and must give bond, with surety, to the probate judge to account for the purchase money. The executor cannot relieve himself of this liability by payment to himself of the amount bid, at maturity, nor by failure to execute the required bond.</p> <p>3. Whore the same person is both debtor and creditor, the debt is paid by operation of law. But this principle did not make this executor’s purchases assets in his hands, unless the beneficiaries so demanded, because the debt was payable to the probate judge and not to himself, and because Confederate money is not assets.</p> <p>4. The order of the court below, directing the costs of this action to be paid out of the funds in the executor’s hands, not disturbed.</p> <p>Mr. Chief Justice Simpson dissenting.</p>