Liability of Personal Representative; Acts of Co-Personal

Representative; Personal Profits; Sales; Trust Company as Personal Representative Must Pay Interest.

(a)Every personal representative is chargeable in his accounts with all of the estate of the decedent which comes into his possession, and with all the income, issues and profits of the estate; but the personal representative is not accountable for any debts due to the decedent which remain uncollected without the fault of the personal representative, nor is the personal representative liable for the act or negligence of a copersonal representative, except for collusion or gross negligence. The personal representative shall not make profit by the increase, nor suffer loss by the decrease or destruction without his fault, of any part of the estate. The personal representative must account for the excess when he sells any part of the estate for more than the appraisement, but is not responsible for the loss if any is sold for less than the appraisement, if the sale has been justly made.

(b)When the personal representative is a trust company, and in the exercise of reasonable judgment deposits money of the estate in any department of the corporation of which it is a part, it shall be chargeable with interest thereon at the rate of interest prevailing upon like deposits in the corporation of which it is a part.