Massachusetts General Laws ch. 206 sec. 5 – Property; accounting; profits or losses
Section 5. An executor or administrator with respect to personal property or a guardian, conservator or trustee with respect to real and personal property shall account for such property at its appraised value, but he shall make no profit by the increase nor sustain any loss by the decrease or destruction of any part thereof without his fault. If he sells any of such property for more than its appraised value, he shall account for the excess; if he sells for less than its appraised value, he shall be allowed for the loss if the court finds that the sale was expedient, and for the interest of all concerned; and he shall not be accountable for a debt inventoried as due to the estate if the court finds that it remains uncollected without his fault.
Terms Used In Massachusetts General Laws ch. 206 sec. 5
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.