Section 5. An executor or administrator with respect to personal property or a guardian, conservator or trustee with respect to real and personal property shall account for such property at its appraised value, but he shall make no profit by the increase nor sustain any loss by the decrease or destruction of any part thereof without his fault. If he sells any of such property for more than its appraised value, he shall account for the excess; if he sells for less than its appraised value, he shall be allowed for the loss if the court finds that the sale was expedient, and for the interest of all concerned; and he shall not be accountable for a debt inventoried as due to the estate if the court finds that it remains uncollected without his fault.
Notes of Decisions
Cited in
3
cases, 1924–1973 · leading case:
O'BRIEN v. Dwight, 294 N.E.2d 363 (Mass. 1973).
O'BRIEN v. Dwight, 294 N.E.2d 363 (Mass. 1973).
“” Thus the executrix was accounting for these remaining shares at their “appraised value” as appearing in the estate inventory and as required by G. L. c. 206, § 5. There was nothing in the account to indicate that in 1934 Holyoke Transcript, Inc.”
Hutchinson v. King, 157 N.E.2d 525 (Mass. 1959).
“” The guardian ad litem “has objected to the allowance of the accounts” asserting “that the method of accounting employed by the trustees is not proper” and does not comply in various formal respects with G. L. c. 206, § 5. We have before us the three accounts here in question,…”
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