This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 241.— A bank issued a deposit receipt to John Jones, executor. John Jones is now dead. The deposit receipt is not mentioned in his will. Are his executors legally entitled to withdraw the money?
Answer.—The executors of a sole trustee or surviving trustee become the trustees in his place and consequently have authority to deal with the deposit which he held in his lifetime as trustee. As the deposit receipt mentioned was not the testator's own property, it would not, of course, be mentioned in his will.