35 N.J. Eq. 467 | N.J. Super. Ct. App. Div. | 1882
, The executors of Moses M. Woodruff, deceased, applied to the orphans court of Union county by petition dated June
The section of the orphan’s court act (the 115th) under which the court must have acted in the matter, provides that executors, administrators, guardians or trustees may, by direction of the orphans court, put out at interest all moneys in their hands which they are or may be lawfully required to retain, whether the same belong to minors, legatees or other person or persons, upon such security and for such length of time as that court will allow, and that if the security so taken bona fide and without fraud shall prove insufficient, it shall be the loss of the minors or other person entitled thereto, and that it shall be the duty of executors, administrators, guardians and trustees, in cases where the estates of minors or other persons in their hands may be materially benefited thereby, to make application to that court for such direction, and that in case they shall neglect to do so, they shall be accountable for the interest that might have been made thereby. But (it is further provided) if no person who will be willing to take the money at interest, giving such security, can be found by the executors, administrators, guardians or trustees, nor by any other friend or friends of such minors or others, then the executors, administrators, guardians or trustees shall, in such cases, be accountable for the principal money only until it can be put out at interest, as aforesaid; provided, nevertheless*