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
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assets (see ASSETS) of a deceased
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person are not sufficient to satisfy fully all the creditors, their debts must abate proportionately, and they must accept a
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dividend . Also, in the
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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
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legacy (see LEGACY) . Annuities are also subject to the same
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rule as
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general legacies .

End of Article: ABATEMENT OF DEBTS AND LEGACIES
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ABATEMENT OF FALSE LIGHTS

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