Opinion ID: 1168618
Heading Depth: 2
Heading Rank: 4

Heading: Reimbursement to Estate

Text: The executor purchased a new 1969 pickup truck, trading in a 1966 pickup truck owned by the estate and paying the balance of $1,703.55 from estate funds. The parties agreed that the executor should have the sum of $1,300.00 deducted from his share of the estate for the value of the 1966 pickup truck. However, the executor has never reimbursed the estate for the remaining $1,703.55 and the court did not require him to do so, even though he later traded the 1969 pickup truck in on a 1972 pickup truck that he received title to in his own name. We hold that the court erred. The executor did not have the permission of the court to expend the assets to purchase the new vehicle. He used the truck for both personal and estate use but kept no records as to its use. The executor alleges that he used the truck to take care of the cattle; however, all the cattle owned by the ranch were sold by December 1968. An executor may not use the property or assets of the estate for his own benefit; if he does so, and if the property is chattel, he may be held liable either for the value of the use or for profits. 2 Bancroft's Probate Practice, § 343 at 301 (2d ed. 1950). We remand with instructions for the executor to reimburse the estate for $1,703.55 plus the statutory rate of interest [1] or for the trial court to determine the reasonable value of the use of the truck plus the statutory rate of interest. The amount decided will be charged to the executor's share of the estate.