§ 29-1-16-1 — Personal liability, loss to estate

Indiana § 29-1-16-1

• Jurisdiction: Indiana
• Art. 1: PROBATE CODE
• Ch. 16: Accounting

Text

(a) Every personal representative shall be liable
for and chargeable in his accounts with all of the estate of the decedent
which comes into his possession at any time, including all the income
therefrom; but he shall not be accountable for any debts due to the
decedent or other assets of the estate which remain uncollected without
his fault. He shall not be entitled to any profit by the increase, nor be
chargeable with loss by the decrease in value or destruction without his
fault, of any part of the estate.
(b) Every personal representative shall be chargeable in his accounts
with property not a part of the estate which comes into his hands at any
time and shall be liable to the persons entitled thereto, if:
(1) the property was received, under a duty imposed on him by
law in the capacity of personal representative; or
(2) he has commingled such property with the assets of the estate.
(c) Every personal representative shall be liable for any loss to the
estate arising from his neglect or unreasonable delay in collecting the
credits or other assets of the estate or in selling, mortgaging or leasing
the property of the estate; for neglect in paying over money or
delivering property of the estate he shall have in his hands; for failure
to account for or to close the estate within the time provided by this
article; for any loss to the estate arising from his embezzlement or
commingling of the assets of the estate with other property; for loss to
the estate through self-dealing; for any loss to the estate arising from
wrongful acts or omissions of his co-representatives which he could
have prevented by the exercise of ordinary care; and for any other
negligent or wilful act or nonfeasance in his administration of the estate
by which loss to the estate arises.
Formerly: Acts 1953, c.112, s.1601. As amended by Acts 1982,
P.L.171, SEC.46.