(a) Property of Estate. A personal representative shall be liable for and chargeable in his accountswith all of the estate of the decedent which comes into his possession at anytime, including all the income therefrom; but he shall not be liable for anydebts due to the decedent or other assets of the estate which remainuncollected without his fault. Except for commissions allowable by law, heshall not be entitled to any profits caused by an increase in values, nor bechargeable with loss by a decrease in value or destruction without his fault,of any part of the estate.
(b) Property Not a Partof Estate. A personal representative shall be chargeable in his accounts withproperty not a part of the estate which comes into his possession at any timeand shall be liable to the persons entitled thereto if:
(1) The property wasreceived under a duty imposed on him by law in the capacity of personalrepresentative; or
(2) He has commingledsuch property with the assets of the estate.
(c) Breach of Duty. Apersonal representative shall be liable and chargeable in his accounts for anyloss to the estate arising from his embezzlement or commingling of the estatewith other property; for loss to the estate through self‑dealing; for anyloss to the estate from wrongful acts or omissions of his joint personalrepresentatives which he could have prevented by the exercise of ordinarycare; and for any loss to the estate arising from his failure to act in good faithand with such care, foresight and diligence as an ordinarily reasonable andprudent man would act with his own property under like circumstances. If theexercise of power concerning the estate is improper, the personalrepresentative is liable for breach of fiduciary duty to interested persons forresulting damage or loss to the same extent as a trustee of an express trust. (1973,c. 1329, s. 3; 1975, c. 300, s. 4.)
(a) Property of Estate. A personal representative shall be liable for and chargeable in his accountswith all of the estate of the decedent which comes into his possession at anytime, including all the income therefrom; but he shall not be liable for anydebts due to the decedent or other assets of the estate which remainuncollected without his fault. Except for commissions allowable by law, heshall not be entitled to any profits caused by an increase in values, nor bechargeable with loss by a decrease in value or destruction without his fault,of any part of the estate.
(b) Property Not a Partof Estate. A personal representative shall be chargeable in his accounts withproperty not a part of the estate which comes into his possession at any timeand shall be liable to the persons entitled thereto if:
(1) The property wasreceived under a duty imposed on him by law in the capacity of personalrepresentative; or
(2) He has commingledsuch property with the assets of the estate.
(c) Breach of Duty. Apersonal representative shall be liable and chargeable in his accounts for anyloss to the estate arising from his embezzlement or commingling of the estatewith other property; for loss to the estate through self‑dealing; for anyloss to the estate from wrongful acts or omissions of his joint personalrepresentatives which he could have prevented by the exercise of ordinarycare; and for any loss to the estate arising from his failure to act in good faithand with such care, foresight and diligence as an ordinarily reasonable andprudent man would act with his own property under like circumstances. If theexercise of power concerning the estate is improper, the personalrepresentative is liable for breach of fiduciary duty to interested persons forresulting damage or loss to the same extent as a trustee of an express trust. (1973,c. 1329, s. 3; 1975, c. 300, s. 4.)
(a) Property of Estate. A personal representative shall be liable for and chargeable in his accountswith all of the estate of the decedent which comes into his possession at anytime, including all the income therefrom; but he shall not be liable for anydebts due to the decedent or other assets of the estate which remainuncollected without his fault. Except for commissions allowable by law, heshall not be entitled to any profits caused by an increase in values, nor bechargeable with loss by a decrease in value or destruction without his fault,of any part of the estate.
(b) Property Not a Partof Estate. A personal representative shall be chargeable in his accounts withproperty not a part of the estate which comes into his possession at any timeand shall be liable to the persons entitled thereto if:
(1) The property wasreceived under a duty imposed on him by law in the capacity of personalrepresentative; or
(2) He has commingledsuch property with the assets of the estate.
(c) Breach of Duty. Apersonal representative shall be liable and chargeable in his accounts for anyloss to the estate arising from his embezzlement or commingling of the estatewith other property; for loss to the estate through self‑dealing; for anyloss to the estate from wrongful acts or omissions of his joint personalrepresentatives which he could have prevented by the exercise of ordinarycare; and for any loss to the estate arising from his failure to act in good faithand with such care, foresight and diligence as an ordinarily reasonable andprudent man would act with his own property under like circumstances. If theexercise of power concerning the estate is improper, the personalrepresentative is liable for breach of fiduciary duty to interested persons forresulting damage or loss to the same extent as a trustee of an express trust. (1973,c. 1329, s. 3; 1975, c. 300, s. 4.)
