Locher's Estate

Citations

• 219 Pa. 46

Syllabus

<p>Executors and administrators — Misconduct—Surcharge—Failure to realize on bonds.</p> <p>Where the administrators of a decedent's estate have an opportunity to realize cash for bonds owned by the estate, but instead of doing so exchange the bonds for stock of a corporation, which proves to be practically worthless, the administrators are properly surcharged with the loss.</p> <p>Where the administrator of an insolvent estate pays out of his own funds a note of the decedent, and redeems stock pledged as collateral for the'note, which stock the administrator knows to be worthless, and thereafter the administrator repays himself from the funds of the estate, he is properly surcharged with the wrongful payment of the note.</p> <p>A finding by the auditing judge that an administrator could have sold stock at a particular price, if he had made proper efforts, is a finding of fact, and as such is entitled to as much weight as the verdict of a jury, and will be set aside only for manifest error.</p> <p>Executors and administrators — Commissions—Estoppel.</p> <p>Where administrators are guilty of gross negligence in dealing with the assets of the estate, sacrifice the securities by sales under disadvantageous circumstances, and fail to deposit large sums of money in bank, they are properly deprived of all commissions or compensation for services.</p>