RETAINER, properly the act of retaining or keeping for oneself, or a person or object which retains or keeps; historically, a follower of a house or family, and particularly used of armed followers attached to the barons of the middle ages.
Retainer of Debt.—In connection with the administration of an estate under a will, it is the right of the personal representa tive—whether executor or administrator—of a deceased person to retain in respect of all assets which have come into his hands a debt due to himself in his own right whether solely or jointly with another person as against creditors of an equal degree, and this even though his debt is barred by the Statutes of Limitation (see Administration of Estates Act 1925, s. 34; Taylor v. Deblois, Fed. Cas. No. 13,79o). The appointment of a receiver deprives the rep resentative of his right except as regards assets which come to his hands prior to the appointment of the receiver.