In re the Estate of Schofield

Citations

• 99 Ill. 513
• 1881 Ill. LEXIS 205

Syllabus

<p>1. Administrator — when chargeable with interest on estate moneys. The mere fact that an administrator mingles the trust funds with his own by * depositing the money belonging to the estate in his own name, as he does his individual money, can not be held a sufficient ground to charge him with interest on the same. There is no law requiring an administrator to keep the funds of the estate separate and distinct from his own. So long as he has the money belonging to the estate at his command, ready to answer the order of the court, this is all the law requires.</p> <p>2. The latter part of section 113, chap. 3, Rev. Sink 1874, p. 124, which requires executors and administrators to be charged ten per cent interest on all moneys and assets in their possession or control after two years and six months from the date of their letters, is intended to embrace all cases in which they shall be chargeable with interest, and in no case should they be held liable for interest until after that time, unless they shall have received interest on the trust fund.</p> <p>3. Where an administrator, by his report, made after the expiration of two years from the grant of administration, showed a certain amount in his hands, and no debts remained unpaid, it was held, as it was his duty to have procured an .order of distribution, and paid out the same, he was properly chargeable with ten per cent interest, after two years and six months from the date of his letters.</p>