In re Purl's Estate
| Decision Date | 01 February 1910 |
| Citation | 125 S.W. 849,147 Mo.App. 105 |
| Parties | In re Estate of TAYLOR PURL, Deceased. W. L. GUPTON, Executor, Appellant, v. INEZ CARR, Respondent |
| Court | Missouri Court of Appeals |
Argued and Submitted January 5, 1910 [Copyrighted Material Omitted]
Appeal from Montgomery Circuit Court.--Hon. Jas. D. Barnett, Judge.
REVERSED AND REMANDED (with directions).
STATEMENT.--Taylor Purl carried on the business of a private banker, having complied with the requirements of section 1299, of the Revised Statutes of 1899, as amended by Act of March 24 1903, Laws 1903, p. 117, by filing with the Secretary of State the certificate required by that section. The capital invested was stated to be five thousand dollars, and the banking business was to be carried on under the name of the Exchange Bank of Jonesburg, Missouri. He was the sole owner of the bank and remained so until the day of his death, which latter event occurred about December 28, 1905. Mr. Purl made and executed a will, which was duly admitted to probate by the probate court of Montgomery county, December 29, 1905. By this will he directed that the executor named should at his death take charge and control of all of his property and out of the proceeds pay all his just debts, including funeral and cemetery expenses. By the second clause he bequeathed and devised to his only daughter, Inez Purl Carr, all of his property remaining after the payment of debts, Inez Purl Carr, being his only heir and, as noted, sole legatee. The will appointed William L. Gupton executor. A codicil added to the will December 7, 1901, and duly probated with it, recited that as the testator had sufficient property other than his private banking institution, to pay any and all of his debts it was his will that the business of the bank be continued after his death under such management as his executor might select and until such time as the bank might be sold or otherwise disposed of to the best interests of the depositors therein, the executor to act at all times under the direction of the state banking department of the State of Missouri. It appears that the executor filed two inventories of the estate, what is called inventory number 1 being of what is designated the private estate of the testator other than the Exchange Bank. This is not set out in the abstract. Inventory number 2 is of the assets pertaining to the banking business setting out not only the assets of the Exchange Bank, appraised at the sum of $ 42,152.03, but also its liabilities due 213 depositors, amounting to $ 37,687.55, and unpaid drafts $ 341.78, making a total of $ 38,029.33 indebtedness on account of the Exchange Bank. It appears by the abstract of the evidence in the case, as well as by the admissions of counsel for the respondent before the court, that it was found impracticable on the death of Taylor Purl for the executor to carry on the private banking business as executor; accordingly a new bank with a capital of $ 10,000 was organized and incorporated, Mrs. Inez Purl Carr becoming the owner of $ 9000 of stock in the bank.
It further appears that on January 2, 1906, the executor presented a petition for order of sale, at private sale, of the personal property of the bank, "including assets, good will, safe, furniture, books and other personal property belonging to said bank." This was approved and order for sale entered same day. He also on the same day presented a petition for order of sale at private sale, of the personal property of the estate not pertaining to the bank. This was approved and sale ordered same day.
On January 15th the executor reported that he had sold the bank assets for $ 34,918.30, to the "Exchange Bank of Jonesburg" (that being the name of the new corporation, the private bank having been known as "Exchange Bank of Jonesburg, Missouri"), for $ 34-918.30. The report proceeds: "And the said Exchange Bank of Jonesburg, having complied with the terms of said sale and paid to me the said sum of $ 34,918.30, the said property was sold, turned over and delivered to it, the said Exchange Bank of Jonesburg." This was approved by the probate court January 15, 1906, the executor being ordered to take proper receipts for the $ 5000 from Mrs. Carr.
On January 16th the executor reported sale of property belonging to the estate outside of the bank to Inez Carr for $ 551. This was approved on that date. On the same date the executor presented a petition "for order of partial distribution of the assets of said estate, to-wit: Inez Purl Carr, the only heir-at-law and only legatee of the said Taylor Purl, deceased, in the sum of $ 5000." The petition was granted January 16th and the $ 5000 ordered distributed and paid to Inez Purl Carr.
The discrepancy between the $ 34,918.30, for which the assets are reported sold and $ 42,152.03, the appraisement value of the bank assets, $ 7233.73, is said by counsel to be covered by "cash and cash assets," which is probably correct, but there is no explanation of it in the record. No point is made on it however. It appears also by statement of counsel at bar, that the executor deposited the whole fund, $ 42,152.03, in the new bank, checking out against it amounts due the depositors of the bank, it appearing that there were 213 checks for that number of depositors, and that he also took care of or paid the outstanding drafts, six of them, amounting to $ 341.78, thus turning over to the creditors of the bank $ 38,029.33. Thus all of the assets of the bank, consisting of notes, checks, school warrants, currency, etc., appear to have passed through the hands of the executor, amounting, as before said, to $ 42,152.03.
A summary of the first settlement, filed and approved December 28, 1906, shows the total amount of assets of the bank at the death of the deceased by the inventory to be $ 42,152.03, due depositors, $ 37,687.55. These depositors were reported paid in full in this first settlement. The recapitulation of the first settlement showing:
The above balance was carried forward as an additional charge to the inventory of the estate outside of the bank, and along with this settlement, covering the bank, and on the same date appears the first annual settlement of the estate, "on account of the personal estate of said deceased other than the private banking institution of said deceased, known as the Exchange Bank of Jonesburg, Mo., together with the balance of money remaining after the payment of all the liabilities of said Exchange Bank.
This settlement appears to have been duly verified.
Following the recapitulation as above is this: Whether this approval covers both settlements is not very clear. Nor is it clear whether these were treated as one settlement. We have stated the facts as they appear on the abstract, which is agreed to by counsel on each side as a complete and correct abstract. The executor exhibited his final settlement to the probate court of Montgomery county, on date not given, of which the abstract is as follows:
settlement
It will be noted that in this final settlement, the executor claims commission of 5 per cent on $ 49,426.42, that being claimed to be the value of the personal property and money of the estate, both in and outside of bank, which had come into his hands as executor. In due time the respondent, Mrs. Inez Carr, presented exceptions to this settlement, which as set out in the abstract are substantially as follows: That the personal estate of Taylor Purl, outside of the bank, was $ 4408.93; that the net assets of the bank amounted to $ 4122.70, so that the total personal estate amounted to $ 8531.63; that $ 792.76 of this is unavailable, and for which the executor is entitled to credit, leaving net $ 7738.87 and that this amount is the amount for which disbursements had been made and allowed according to law, and this is the amount on which it is admitted by exceptor that the executor is entitled to a commission of 5 per cent; that the bank was indebted to its depositors in the amount of $ 37,687.55, and there were unpaid drafts outstanding amounting to $ 341.78, total of $ 38,029.32. That the executor asks credit of 5 per cent commission on $ 37,687.75,...
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