Isle of Man – An executor of a trader carying on the trade after his death, though not avowedly in the character of executor, is nevertheless persmally liable for all the debts contracted in the trade after the Testator’s death, whether he is entitled or not, to be wholly, or to any extent, indemnified by the Testator’s personal estate, and whether the Testator’s estate is sufficient or insufficient for that purpose
Neither does the propriety of the executor’s conduct, as between himself and those beneficially interested in the Testator’s personal estate, give the creditors of the trade, becoming so after the death of the Testator, the rights of creditors of the Testator; it being immaterial, as. far as they are concerned, whether the Testator, if be had a partner, was bound by a covenant with him that the Testator’s executor should continue the trade in partnership with the surviving partners
The executor of a deceased shareholder in a Joint-stock Banking Cbmpany held not liable to make good out of his Testator’s assets, debts contracted by the Company subsequently to the Testator’s death, though the shares were registered in the executor’s name, and he received the dividends in his character of executor, the debts due at his death having been subsequently discharged by the Company
There is no difference between the Manx law and the law of England in respect to the principles applicable to the law of partnership
[1857] EngR 685, (1857) 11 Moo PC 198, (1857) 14 ER 670, [1857] UKPC 3
Commonlii, Bailii
England and Wales
Updated: 10 October 2021; Ref: scu.290431