(Download) "Maryland Cas. Co. v. Walsh" by Supreme Court of Montana # Book PDF Kindle ePub Free
eBook details
- Title: Maryland Cas. Co. v. Walsh
- Author : Supreme Court of Montana
- Release Date : January 02, 1945
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 59 KB
Description
Submitted January 17, 1945. Executors and Administrators — Principal and Surety — Agreement of Principal to reimburse Surety for Loss — When only Material — Settlement of Executors' Accounts Binding on Surety — Exoneration of Surety — Executor as Devisee under Will — Action to Determine Interest in Estate — Equitable Assignment of Distributive Share in Estate — What does not Constitute Assignment. Executors and Administrators — Reimbursement of Surety for Costs and Expenses — Agreement of Principal to Reimburse Surety — When only Material. 1. Since, under section 8205, Revised Codes, specifically providing that if a surety satisfies the principal's obligation, the latter is bound to reimburse the surety for what he has disbursed, including necessary costs and expenses, an agreement on the part of the principal to do so when applying for the bond becomes material only if it entitles the surety to indemnity without any part of the principal obligation having been satisfied. Same — Final Order of Settlement of Accounts Binding upon Surety. 2. A final order of settlement of the accounts of an executor finding that by virtue of his conduct of the affairs of the estate he was indebted to it in a stated amount is binding upon the executor's surety. Same — When Surety on Bond Exonerated. 3. Under section 8203. Revised Codes, a surety on the bond of a deceased executor is exonerated to the extent that the latter's share in the estate as devisee or legatee is distributed to his estate without withholding the amount in which he was indebted to it by reason of his mal-administration thereof. Same — Executor as Devisee — Action to Determine Alleged Interest in Estate by Reason of Equitable Assignment of Distributive Share in Estate — Claim of assignment Held nonexistent. 4. A surety company on the bond of an executor, who was also a devisee under the will of testatrix, without having satisfied any part of the executor's indebtedness to the estate, sought to be exonerated to the extent of costs and attorneys' fees incurred in proceedings against it and the executor on the theory that the latter's agreement when applying for the bond to reimburse the surety for any and all loss, costs and attorneys' fees which the surety might sustain under the bond, amounted to an equitable assignment of his distributive share in the estate, instituted a proceeding under sections 10324 to 10326, Revised Codes, to determine such interest so alleged to have been created by reason of the claimed assignment. Held, that the district court properly sustained general demurrers interposed by interested parties to the complaint, there being nothing in the Codes or in any other authority to sustain the claim of equitable assignment which the court might have adjudicated, or that plaintiff's claim has priority over all other claims, or that plaintiff is entitled to have the amount of its claim withheld from the principal and delivered to it upon distribution.