Watkins v. Stewart

Citations

• 78 Va. 111
• 1883 Va. LEXIS 17

Syllabus

<p>x. Personal Representatives-Liability.-It is well settled that courts of equity will not hold fiduciaries liable for losses incurred in managing the trust funds where they have acted in good faith, in the exercise of a reasonable discretion, and as they would probably have acted had the funds been their own.</p> <p>2. Idem-Idem.-Among the assets which came into the hands of an administrator in 1875, were $6,000, of W & O railroad bonds, worth at the time $4,200, which were paying a good rate of interest. Two of the three legatees present, the fourth having been absent for seven years and supposed to be dead, requested that these bonds be not sold as it was thought they would appreciate. Administrator held then until 1877, when by the railroad’s sudden collapse, they become worthless.</p> <p>Held :</p> <p>Administrator is not liable for the loss.</p> <p>3. Idem-Idem.-Among the assets was a note of same company for $4,000, secured by pledge of $12,000 of said bonds ; administrator repeatedly demanded payment, and was assured it should be paid. The company was then paying interest regularly-by its failure this sum was lost also.</p> <p>Held :</p> <p>Under the circumstances administrator should not be held liable.</p>