Former Judge C. Raymond Radigan, left, and Tara Mahon, right, of Ruskin Moscou Faltischek. Courtesy photos Continuation of a Business of a Decedent
A fiduciary does not have automatic authority under EPTL §11-1.1 to continue a business of a decedent, incur obligations and thus render the estate liable. However, courts have stated that a fiduciary has an inherent authority to temporarily continue a business for the limited exceptions of converting business assets to cash for the benefit of the estate.
March 01, 2024 at 10:00 AM
8 minute read
It is a general rule of law that death ends any trade or business in which the decedent was the sole owner (see e.g., Willis v. Sharp, 113 N.Y. 586, 21 N.E. 705 [1889]; Matter of Glass' Estate, 134 Misc. 291, 235 N.Y.S. 299 [1929]; Matter of Ferrante's Estate, 190 Misc. 788, 74 N.Y.S.2d 778 [1947]; see also SCPA § 2108). A fiduciary does not have automatic authority under EPTL §11-1.1 to continue a business of a decedent, incur obligations and thus render the estate liable (see EPTL §11-1.1; Willis v. Sharp, 113 N.Y. 586, 21 N.E. 705 [1889]).
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