Online Encyclopedia

ABATEMENT OF DEBTS AND LEGACIES

Online Encyclopedia
Originally appearing in Volume V01, Page 7 of the 1911 Encyclopedia Britannica.
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ABATEMENT OF DEBTS AND LEGACIES. When the equitable assets (see ASSETS) of a deceased person are not sufficient to satisfy fully all the creditors, their debts must abate proportionately, and they must accept a dividend. Also, in the case of legacies when the funds or assets out of which they are payable are not sufficient to pay them in full, the legacies abate in proportion, unless there is a priority given specially to any particular legacy (see LEGACY). Annuities are also subject to the same rule as general legacies.
End of Article: ABATEMENT OF DEBTS AND LEGACIES
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