87 Md. 284 | Md. | 1898
delivered the opinion of the Court.
By his last will, admitted to probate on the 29th January, 1876, William Bose bequeathed to Margaret Siechrist the sum of $3,333 for life, and after her death “to be equally divided among her children then living, and the descendants of any who may have died, such descendants taking the portion their parent would have taken had he or ' she been then living. ” The executors, the late Judge Dobbin, and Elizabeth E. Bose (widow of the decedent), on the 25th January, 1877, filed a petition in the Orphans’ Court for Baltimore City, in which, after stating their readiness to pay the said legacy, they prayed for an order directing them to invest the money “ so as to meet the requirements of
Upon these facts the children of Margaret Siechrist, with the husbands of her daughters, pray the Orphans’ Court to require the appellee as the surviving executor of the will of William Bose, to show how the legacy in question is invested ; if invested to bring into Court the evidences of the investment; and if not, to bring the money into Court. The answer of Mrs. Bose among other things, sets up the defence, that the said sum has been fully administered and as surviving executrix she has no further concern therewith, and that the Court is without jurisdiction in the premises. The Court dismissed the petition, and from its order this appeal is taken.
The principle is well established in this State, that “ Where a legacy consists of money or property whose use is the conversion into money, it is the duty of the executor to invest the same in some productive fund, or it must be put out on adequate securities, and most properly under the direction of the Orphans’ Court or a Court of Equity, so that the dividends or income may be received by the legatee for life, and the principal, after the death of the legatee for life, may be received by the legatee in remainder.” Evans v. Iglehart, 6 G. &. J. 196; Wooten v. Burch, 2 Md. Ch. 196. This duty rests upon the executor, independently of the provisions of sec. 10 of Art. 93 of the Code; it is founded upon the obligations, “ devolving upon the executor with reference to the property in his hands so bequeathed, and to which his assent is necessary to perfect the title.” State use of Dittman v. Robinson, 57 Md. 495. That section, indeed, seems to be an application of the general principle, just stated, to cases where it is necessary for
The fundamental idea that underlies the rulings of the Court, as well as the main design of the statute, is the preservation of the fund, so as to secure it to those who under the will or by law shall be thereafter entitled to it. “ To this end,” to quote from the opinion of the Court, in Gunther & Canfield v. The State, 31 Md. 30, “it is made the duty of the executor or administrator having the money or property in hand, to apply to the Court for direction in the premises and on such application the Court is clothed with full power to decree or direct in what manner it shall be disposed of, to effect the contemplated purpose.” Even if it could be held, that this case is within the provisions of the section, it would not follow therefrom, that the safe keeping of the investment necessarily devolved on the executors. The section does not so provide; on the contrary, as was said by Judge Miller in Gunther & Canfield v. State, supra, “the mode of disposition for safe keeping and security is not prescribed, but left, in each case, to the sound discretion and judgment of the Court.” But we do not think the provisions of sec. 10 of Art. 93 apply to this case. Those are applicable, as already has been said, to cases where the money or some other thing is to be paid at a distant day or upon a contingency and must either by the terms of the will or of necessity remain in the hands of the executor. But the will of Mr. Bose imposed no necessity upon the executors to retain the fund or to secure the payment of the
In this case it was the duty of the executors to invest the fund in accordance with the directions of the Orphans’ Court, and when so invested no right remained in the executors to retain it. The bequest was to Mrs. Siechrist for life; the testator intended it should be her property for that period ; she therefore was entitled to have the possession of it for that period, on such terms as would protect the interests of those who were also interested in the fund. What she did with it after she received it was a matter that could not concern any one else than those who were to take the fund at her death. If her treatment of it was such as to jeopardize its safety, a Court of Equity on proper application has full power to require such security to be given as might be needed. The executors fully discharged their duty in making the investment according to the requirements of the order of the Court. They were acting, in so doing, under the authority of a Court of competent - jurisdiction. Gunther & Canfield v. The State, supra. And are therefore now fully protected by its order. When the investment was made, and the allowance therefor had passed the Court, the estate so far as this fund was concerned was fully administered, and -all rights of the executors over it terminated. In the case of Myers v. The Safe Deposit, &c., 73 Md. 415, a testator gave the residue of his estate to his widow for life, and at her death to pass to such of his chil
It is not important for the purposes of this case to discuss the effect of the subsequent occurrences disclosed by the record, in reference to the fund in question. We are of opinion, that after the investment of the money in compliance with the order of the Court, and the allowance in the account of the executors of the amount so invested, the administration terminated, and the executors became discharged from all further liability as to the legacy. Margaret Siechrist then held the fund as tenant for life, and the duty of protecting the fund was upon her and not upon the executors.
The order must therefore be affirmed.
Order affirmed.