Estate of Tuttle

The main issue on this appeal is whether an executor, as described in the foregoing statement of facts, indebted to a testator at the time of appointment and not previously thereto discharged of liability in any proceeding in bankruptcy, is liable to the estate for the face value of the notes or only for fifty per cent of this value, at which figure they were appraised. Appellant, the executor, contends that since the notes were inventoried and appraised at less than their face value and since the appraised value is a fair value in view of his financial condition, he should not be held for…