57 Wis. 104 | Wis. | 1883
The only question presented by this appeal is,Did the circuit court adopt the proper rule in stating the account of the appellant, the late guardian, and ascertaining the sum for which he is chargeable? The respondent, the present guardian of the minor, maintains that the proper rule was adopted - while the appellant claims that, if any interest is allowed, it should be simple interest only, and that it was error to compound the interest by making semi-annual rests in the account. The question in issue was very ably argued by the respective counsel, who cited and commented upon numerous adjudicated cases bearing upon it. The re-
There are cases which hold that the computation of interest should not commence until a reasonable time has elapsed after the trustee receives the fund, to enable him to invest it properly. Many of the cases name six months as such rear sonable time. This is not an absolute, unvarying rule. There may be considerations which render it inapplicable to a given case. We think there are such considerations in this case. The fund might have been invested by the guardian at once in government securities, and, if no better investment offered, he should have so invested it. Moreover, the court allowed the guardian, in addition to actual disbursements, four dollars per week for the'board of his ward for over five years. The record shows that the ward was about eight years of age when such maintenance commenced.
The same observations are applicable to the claim that, for the purpose of computing interest, the expense of maintenance for each year should have been deducted in advance at the commencement of the year from the amount of the estate in the hands of the guardian. On that basis the guardian would have been paid in advance each year for the maintenance of his ward. We find nothing in the case which required the court to adopt so liberal a rule in favor of the guardian.
It only remains to consider whether the erronéous rule of compounding interest adopted by the circuit court has resulted in any substantial injury to the appellant. The semi-annual rests during the period the appellant maintained his ward was favorable to the appellant. For the purpose of deducting the sums allowed for the maintenance of the ward, the rests and deductions should have been made annually; and on the balance remaining in the hands of the appellant when he ceased to maintain the ward, which.was June 15, 1815, simple interest should have been computed to the date of the findings and judgment, August 26, 1881. That is the rule for computing simple interest, for the expenditures in each year exceeded the interest. Computing the interest on the above basis, we find in the hands of the guardian, August 26, 1881, $673 — only $1T.35 less than the amount found by the circuit court, for which judgment was rendered.
In determining the effect of this excess on the judgment,
By the Court.— The judgment of the circuit court is affirmed.