Grayburn v Clarkson: CA 1868

The executors of an estate were held liable for the loss incurred in failing to convert shares within the twelve month period after the testator’s death. The executors did not provide any explanation for the delay so the Court could not inquire into the circumstances and exercise a discretion to extend the executor’s year.
Page-Wood LJ said that it: ‘seems to be that there is no fixed rule that conversion must take place by the end of the year, but that that is a prima facie rule, and that executors who have not converted by that time must shew some reason why they did not do so.’

Judges:

Page-Wood LJ

Citations:

(1868) LR 3 LR Ch App 605

Jurisdiction:

England and Wales

Wills and Probate

Updated: 13 July 2022; Ref: scu.446108