Money lent to an executrix who is a married woman is a debt due by her, in her private capacity ; the husband is not liable for such a debt.
If an executor misapplies money belonging to the deceased's estate, and the banker is aware of it, as, for instance, where an amount is transferred by an executor from the trust account to his own overdrawn personal account, which the banker has been pressing him to reduce, the banker will be held liable ; and if an executor pledges deeds, belonging to the estate, with a bank, in order to raise money to reduce his personal loan, and the banker is aware of the circumstance, he will not be able to hold to the security.
If an executor has a beneficial interest in property under the will, and he deposits the deeds as security for his own account, he cannot, of course, charge the property beyond the extent of his own interest, and that interest, moreover, is subject to any breach of trust which he may commit.
Upon the death of the owner of freehold (since January 1, 1898) and leasehold pro perty, the title vests in the executors or administrators, and before a deposit of deeds as security is taken from a devises• or heir-at law the formal assent of the personal repre sentatives should be obtained. Section 3 of the Land Transfer Act, 1897, provides as follows : " (1) At any time after the death of the owner of any land, the personal representatives may assent to any devise contained in his will, or may convey the land to any person entitled thereto as heir, devisee, or otherwise, and may make the assent or conveyance either subject to a charge for the payment of any money which the personal repre sentatives are liable to pay, or with out any such charge ; and on such assent or conveyance, subject to a charge for all moneys (if any) which the personal representatives are liable to pay, all liabilities of the personal representatives in respect of the land shall cease, except as to any acts done or contracts entered into by them before such assent or conveyance.
" (2) At any time after the expiration of one year from the death of the owner of any land, if his personal repre sentatives have failed on the request of the person entitled to the land to convey the land to that person, the Court may, if it thinks fit, on the application of that person, and after notice to the personal representa tives, order that the conveyance be made, or, in the case of registered land, that the person so entitled be registered as proprietor of the land either solely or jointly with the personal representatives.
" (3) Where the personal representatives of a deceased person are registered as proprietors of land on his death, a fee shall not be chargeable on any transfer of the land by them unless the transfer is for valuable consideration.
(4) The production of an assent in the prescribed form by the personal representatives of a deceased pro prietor of registered land shall authorise the registrar to register the person named in the assent as proprietor of the land." Executors are not obliged to pay the debts of the deceased, or general legacies under the will, before the expiration of twelve months from the death. Interest upon general legacies runs from the end of that period, but upon specific legacies it runs from the death of the testator.
When executors intend to act they must prove the will within six months from the date of the testator's death, otherwise they are liable to a penalty of gO. (See PROBATE.)