Whitney v. Peddicord

Citations

• 63 Ill. 249

Syllabus

<p>1. Executors—what is reasonable care and discretion. When executors, who are chargeable with payment of debts out of proceeds of the estate, refuse to redeem from a mortgage sale, considering the value of the land equalled by the amount necessary to redeem, they have acted with reasonable wisdom and discretion, and nothing more should be required, even though the land may, in a few years, greatly increase in value.</p> <p>2. Same—culpable negligence. When an insolvent debtor, from whom collection can not be made upon execution, offers to turn out unincumbered real estate, with clear title from a third party, and the executor neglects to receive it, whereby the debt is lost, it is culpable negligence, for which he is-.liable, especially if it be shown that, during the same time, he has collected debts due himself and others from the same party.</p> <p>3. Executors and like persons must, in the execution of trusts, bestow that degree of diligence which men ordinarily use in the management of their own affairs; and if, through lack of taht, the interests of the trust estate are damnified, they must make good the loss.</p> <p>4. Profits and interest on trust funds. He who uses trust funds to his own profit is chargeable with such profits, if they can be ascertained; or, in lieu thereof, with interest on the sum used.</p>