Parham v. Stith

Citations

• 56 Miss. 465

Syllabus

<p>1. Executoe. Power in collecting debts. Accepting bill of exchange as conditional payment. Laches.</p> <p>An. executor, when not authorized thereto by the will, has no power by law to accept a bill of exchange as a conditional payment of a promissory note held by him in his official capacity, where the maker of the note is solvent. And if he does accept a bill of exchange in such case, and the same is not paid by the drawee, and the executor, the payee therein, fails to give the customary notice to the drawer, the latter, the maker of the note, is not discharged, by such laches of the executor, from his liability to the estate, hut his obligation on the note continues as before the drawing of the bill of exchange.</p> <p>2. Same. Accepting bill of exchange as conditional payment. Estoppel. Notice.</p> <p>Where an executor, without authority of law, accepts a bill of exchange in payment, absolute or conditional, of the promissory note of a solvent debtor to him in his official character, the drawer of the bill is chargeable with notice of the disability of the executor to bind the estate by such transaction, is regarded as participating in a breach of trust by the executor, and, when sued upon the note by the executor, he cannot object that the executor, by failing to give him any notice of the dishonor of the bill, is estopped to bring such action.</p>