Lovett v. Thomas' Adm'r

Citations

• 81 Va. 245
• 1885 Va. LEXIS 28

Syllabus

<p>1. Fiduciaries—Liability.—Courts of equity will not hold fiduciaries liable for losses incurred in managing a trust where they acted in good faith, in the exercise of reasonable discretion, and as they would probably have done in their own matters. Watkins v. Stewart, 78 Va. 111.</p> <p>2. Personal Representatives—Liability.—Administrator is not bound to sue for debt due the estate, when it is apparent that the debtor is unable to pay it. Mitchell v. Trotter, 7 Gratt. 136.</p> <p>3. Idem—Settlement, of accounts—Commissions.—Failure of personal representative to settle his accounts does not necessarily work forfeiture of commissions. To refuse, or to allow them, rests with the court under the circumstances of each case. And where, under Code 1873, ch. 128, sec. 7, he yearly laid his accounts before the commissioner of accounts, the failure of that officer to audit, state, and report them, cannot lose him his commissions.</p> <p>4. Idem—Annual balances—Interest.—Where testator directs his executor to manage his farms and distribute the profits among his grandchildren, when of age, the executor should not be charged with compound, but only with simple interest upon the yearly balances left over in his hands, unless testator directed that those balances should be invested in interest-bearing securities. Creigler v. Alexander, 33 Gratt. 674; Garrett v. Carr, 1 Rob. R. 196.</p> <p>5. Idem—Da minimis non curat lex.—Case here affords an instance of the application of this maxim.</p>