| 1785.
CHAP.
LXXX. |
LAWS of MARYLAND.
the just proportion of such claim, upon a supposition it may be recovered,
which assets, or a just proportion of them, shall be accounted for to
the other creditors in case such claim or the whole shall not be recovered;
and if assets shall come to the hands of the executor or administrator,
after
such first payment and division, such executor or administrator shall,
by
public advertisement as aforesaid, give notice of the same to the creditors
within a reasonable time after the assets come to the hands of such executor
or administrator, and shall pursue such rule of division among the creditors
as is before directed, and so toties quoties until the estate of the deceased
is justly and fairly administered; and any person neglecting or refusing
to bring in his claim according to notice aforesaid, shall have no right
to
claim from the executor or administrator any division of the assets aforesaid,
made at any time or times before such claim may be brought in, but
such creditor, when his claim is brought in, shall have a right to a proportionable
share in all divisions made after such claim is brought in; and if
any executor or administrator shall not observe these rules and directions,
such executor or administrator shall be liable to pay out of his own estate
the loss sustained by any creditor in consequence of the neglect or
breach
of the said rules and directions; and in case there be not personal estate
sufficient to pay the debts of the deceased, and he shall have left lands,
tenements or hereditaments, to descend, or hath devised the same, and
the heir or devisee may be liable to pay the debts of the deceased remaining
unsatisfied as aforesaid, to the value of the lands, tenements or hereditaments,
descended or devised, as the case may be, then such heir or
devisee, being of full age, or upon arrival to the age of twenty-one years,
shall pursue the rules and directions aforesaid, in the payment and discharge
of the debts of the deceased hereafter to be contracted, remaining
unpaid as aforesaid, and upon default, such heir or devisee shall be liable
to pay out of his own estate the loss sustained by any creditor by the
misconduct
of such heir or devisee in neglecting to observe the said rules and
directions; and all courts of law and equity, in any judgment or decree
hereafter to be given in cases aforesaid, shall observe the directions
of this
act. |
No profit shall
be made by
executors, &c. |
VIII. And be
it enacted, That no profit shall be made, or any loss sustained,
by any executor or administrator, in the increase or decrease of
the estate of any deceased person under their care and management,
but
such executor or administrator shall account for such increase and be
allowed for such decrease in the settlement of his account of the deceased's
estate. |
No guardian
shall profit or
lose, &c. |
IX. And be it
enacted, That no guardian hereafter to be appointed to
any minor, shall profit by any increase, or lose by any decrease, of the
estate of the minor under the care of such guardian; and all guardians
shall hereafter annually settle an account of such estate with the orphans
court of his county, in which the increase and profits of the estate shall
be accounted for, or the loss and decrease shall be allowed, as the case
may be, and a commission, not exceeding seven per cent. upon the whole
annual produce of such estate, shall be allowed by the court to such guardian
for his care and trouble in managing such estate; and in case the
produce of the estate is not sufficient to maintain and educate the minor
in a proper manner, and it shall appear to the orphans court aforesaid,
that
it will be for the benefit and advantage of the orphan to apply some part
of the principal of the personal estate to which he shall be entitled towards
his education, it shall and may be lawful for the said court to allow
the guardian to apply a part of the principal of such personal estate,
not
exceeding one tenth part thereof, annually to the purpose aforesaid; and
if any guardian shall refuse or neglect to settle an account as by this
act
is directed, he shall forfeit and pay a sum not exceeding fifty pounds
current |
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