In re the Estate of Henry A. Root, Deceased; Root et al. v. Blackwood, Executrix, et al., 120 Ind. App. 545

Summary

The Indiana Court of Appeals held that corporate stock owned by a decedent is personal property whose title vests in the executor upon appointment, rather than directly in minor legatees. The executor could not avoid responsibility by allowing the corporation to continue operating under the direction of others without court authorization, and the case was reversed for a new trial concerning the executor's and trustee's reports and the exceptions thereto.

Holdings

1. Corporate stock is personal property, and title to it vested in the executor upon the executor's appointment rather than immediately in the minor legatees.
2. An executor cannot evade responsibility for estate assets by turning their administration over to a guardian or corporation without an order of court or legal authority.
3. An executor who continues the decedent's business without a court order or authority in the will does so at personal risk, is liable for losses sustained, and must account to the estate for profits.

Questions Presented

1. Whether title to the decedent's corporate stock vested in the executor or in the minor legatees upon the decedent's death.
2. Whether the executor was responsible for administering and accounting for the corporate stock and could avoid liability by delegating control to the guardian or the corporation without court authority.
3. Whether the reports of the executor and trustee should have been approved in light of the appellants' objections and exceptions.

Disposition

reversed_and_remanded