Putney v. Bryan

1. An administrator, by virtue of his appointment as such, has no legal right to borrow money and bind the estate by a note and mortgage given therefor, although the money was borrowed for the benefit of the estate. O’Kelly v. McGinnis, 141 Ga. 379 (81 S. E. 197).(a) Nor will the fact that the money may have been used for the benefit of an insolvent estate to pay debts give the lender an equitable lien on the mortgaged property or other assets of the estate.

2. Where money is borrowed and used by an administrator of an insolvent estate, as mentioned in the preceding note, the lender, having…