Le Grand's Adm'r v. Fitch

Citations

• 79 Va. 635
• 1884 Va. LEXIS 124

Syllabus

<p>1. Fiduciaries—Liability.—A fiduciary who has acted in good faith, without an eye to self-interest, and with what men of sense and experience would deem reasonable discretion in their own affairs, is not liable for losses resulting to the trust estate from his acts or omissions, especially during a period of doubts and difficulties like that of the war between the states. Cooper v. Cooper, 77 Va. 203; Wayland v. Crank, ante p. 602.</p> <p>2. Idem—Case at bar.—F. died and P. qualified as administrator in October, 1861. His estate consisted of slaves valued at $7,150, other personalty at $1,344, home tract, where his widow and child lived, at $2,500, and another tract unpaid for. He owed about $5,000, to receive which in Confederate currency the creditors showed no willingness. Of the slaves, two were mechanics earning large wages; two were farm hands whose labor would support the family ; the rest were women and children. The widow was sensible and energetic, and deemed it wisest that none of the slaves should be sold, but that she should retain all the property and pay by economical management the debt in a reasonable time, and in this P. concurred. She soon paid over to P. $5,000, but he could only pay with it debts to the amount of $1,600. The plan failed. The slaves were emancipated. The currency became valueless. The land had to be sold to pay the debts—P. being charged with devastavit in failing to sell some of the slaves to pay the debts—thereby causing* loss of the land to the heir.</p> <p>Held :</p> <p>He is not liable.</p>