IC 29-1-16-1 Personal liability, loss to estate
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/in/title-29-probate/article-1-probate-code/chapter-16-accounting/29-1-16-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1.
(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.