Delaware General Assembly

CHAPTER 115*

OP THE SETTLEMENT OF PERSONAL ESTATES.

Chapter 208, Volume 18, published as amended.

AN ACT concerning investments by Guardians and Trustees.

Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met:

SECTION I. In case the guardian of any minor, or the trustee under any will or any succeeding trustee shall be entitled to receive any legacy or distributive share executor or administrator of any testator or intestate, such guardian, with the approval of the Orphans' Court, or any page thereof, or such trustee, with the approval of the Chancellor, may receive from such executor or administrator in payment of the whole or any part of such legacy or distributive share in specie by assignment, transfer or deliver, according to the nature and character of the property, to be made by the executor or administrator of any testator or intestate to such guardian or trustee of any stocks, bonds, judgments, mortgages, investments or other personal property held or owned by such testator or intestate at the time of his death at the appraised value thereof and such assignment, transfer or delivery shall vest the legal title to any such investments or property in such guardian and trustee.

And such guardian or trustee shall not be accountable or liable for any loss or depreciation in the value of any such stock, bonds, judgments, mortgages, investments or other personal property so received and held by him, unless the same shall occur through the culpable act, neglect or default of such guardian or trustee. Provided, that nothing herein contained shall be deemed to limit or restrict the right of such guardian or trustee at any time to alter or change the investment of such legacy or distributive share, or any part thereof, with the approval as aforesaid.

SECTION 2. That whenever an executor or administrator shall make an assignment of any investments or shall transfer or deliver any personal property of any testator or intestate under the provisions of this act, he shall take from the guardian or trustee a copy of the inventory and appraisement of such investments and personal property with the receipt of such guardian or trustee therefor thereon endorsed together with a certified copy of the order of the Orphan’s Court or the decree of the Chancellor, as the case may be, and deliver the same to the Register of Wills before whom it shall be the duty of such executor or administrator to pass his accounts, and the same shall be entered by the Register in the accounts passed before him by such executor or administrator at the several appraisements of such stocks, bonds, judgments, mortgages, investments or other personal property as collections or payments of money coming into the hands of such executor or administrator.

SECTION 3. That an assignment, transfer, or delivery of any investments or personal property made under the provisions of this act and in compliance therewith shall be a sufficient discharge of such executor or administrator and of his sureties for the investments and property so assigned, transferred or delivered.

SECTION 4. That upon petition of any trustee having the legal title to any property, real, personal, or mixed, setting forth that the sale and conversion thereof would be beneficial to the person interested in the trust, the Chancellor may, by order made thereon in his discretion, authorize and direct such trustee and sell the whole, or so much as may be proper, of such trust property, and to transfer and convey the same to the purchaser thereof, absolutely and in fee simple, freed from any trust and without liability on the part of such purchaser as to the application of the purchase money; Except provided, that in cases where the sale or conversion of trust property has been or may be expressly prohibited by the instrument creating the trust, no sale or conversion shall be taken to be hereby authorized; and provided, moreover that the proceeds of all sales made under the authority of this act shall be held under and subject to the same trusts as those to which the property sold was subject, and in cases where real property is to be sold the trustee thereof shall first give sufficient bond, with surety to be approved by the Chancellor, for the preservation and protection of the proceeds of such sales for the purposes of the trust and subject to the orders and decrees of the Chancellor in the premises.

SECTION 5. That when stocks, bonds, or other securities of any incorporated company are transferred or assigned by trustees, guardians, or other fiduciaries, the production of a certificate from the proper public official, under the seal of his office, setting forth that such trustee, guardian, or other fiduciary has been duly appointed such, and setting forth that such trustee, guardian, or other fiduciary has authority to direct such transfer, assignment, or re-issue, shall be sufficient in law to authorize the officers of such company to transfer or re-issue such stocks, bonds, or other securities to such person or persons as such trustee, guardian, or fiduciary may in writing direct, without liability on the part of any such company or its officers for the breach of trust, misconduct, or misapplication or mismanagement of property by such trustee, guardian, or other fiduciary.

Passed at Dover, March 22, 1887.

Amended, May 5, 1891.

Amended, March 20, 1895.

*Chapter 208, Volume 18 , as amended Chapter 246, Volume 19, and by Chapter 114.

current volume, published as directed in Section 5, Chapter 111, current volume.