M. E. BRADFORD, ET AL., APPELLANTS,
v.
M. E. WATSON, ET AL., APPELLEES
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The Florida Supreme Court held that the proceeds of a life insurance policy payable to an executor or administrator are not part of the decedent's estate for the payment of debts or distribution. The widow and children take these proceeds as statutory beneficiaries, not as heirs.
No, the sureties on the administratrix's statutory bond are not liable for the misappropriation of the life insurance proceeds. The administratrix's personal liability or liability as a special trustee may exist, but not under her statutory bond as administratrix.
“Even though the policy was payable eo nomine to the executor or administrator of the assured, the proceeds were not a part of the estate of the assured for the payment of debts or for distribution, by the administrator or executor, and the widow and children of the assured take the proceeds pursuant to the statute not as heirs or distributees, but as “strangers;”
Establishes that insurance proceeds payable to an executor are not part of the estate and beneficiaries take as statutory beneficiaries.
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Join FLexlaw to unlock all legal intelligenceThe case concerns the liability of sureties on an administratrix's bond for the misappropriation of life insurance proceeds. The policy was payable to…
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On Rehearing.
Per Curiam.
Even though the policy was payable eo nomine to the executor or administrator of the assured, the proceeds were not a part of the estate of the assured for the payment of debts or for distribution, by the administrator or executor, and the widow and children of the assured take the proceeds pursuant to the statute not as heirs or distributees, but as “strangers;” Pace. v. Pace, 19 Fla. 438, therefore under the law it is not the duty of the administratrix to collect the proceeds as the representative of the decedent’s estate, and the sureties on her statutory bond “conditioned to faithfully perform all her duties as such administratrix according to law,” are not liable for a misappropriation of such proceeds by the administratrix whatever may be the liability of the administratrix personally or as special trustee to account for proceeds collected. 18 Cyc. 1254, 1259; Morris v. Morris, 9 Heisk (Tenn.) 814; Nickals v. Stanley, 146 Cal. 724, 81 Pac. Rep. 117.
Rehearing denied.