Search over 40,000 articles from the original, classic Encyclopedia Britannica, 11th Edition.
|
See also:INVENTORY (See also:post-class. See also:Lat. inventarium, a See also:list or repertory, from invenire to find) , a detailed See also:list, See also:schedule or enumeration in See also:writing, of goods and chattels, credits and debts, and some-times also of lands and tenements . (i) In See also:law, perhaps its earliest, and certainly its most important 718 use has been in connexion with the See also:doctrine of " benefit of See also:inventory," derived by many legal systems from the beneficium inventarii of See also:Roman law, according to which an See also:heir might enter on his ancestor's See also:inheritance without being liable for the debts attaching to it or to the claims of legatees beyond the value—previously ascertained by " inventory "—of the See also:estate . The benefit of inventory exists in Scots law, in See also:France (See also:benefice d'inventaire), in See also:Italy, See also:Mauritius (See also:Civil See also:Code, See also:Art . 774), See also:Quebec (Civil Code, Art . 66o), St See also:Lucia (Civil Code, Art . 585), See also:Louisiana (Civil Code, Arts . 1025 et seq.), and under the Roman Dutch law in See also:Ceylon . In See also:South See also:Africa benefit of inventory is superseded by See also:local legislation . (ii.) In many systems of law, the See also:duty is imposed on executors and administrators of making an " inventory " of the estate of the testator or intestate, in See also:order to secure the See also:property to the persons entitled to it . In See also:England this duty was created by See also:statute in 1529 . In See also:modern practice an inventory is not made unless called for, but the See also:court may order it ex officio, and will do so on the application of any really interested party . Similar provisions for an inventory of the estate of deceased persons are made in Scots law (See also:Probate and See also:Legacy Duties See also:Act 18o8 (s . 38), and Executors (See also:Scotland) Act 'goo (s . 5), and in most of the See also:British colonies . In Scotland, See also:prior to the See also:Finance Act 1894 (which imposed a tax, called " estate duty," on the See also:principal value of all property, heritable or movable, passing on See also:death), the See also:stamp duty on movable property was termed " inventory duty." In the See also:United States, the duty of preparing an inventory is generally imposed on executors and administrators; see See also:Kent, Commentaries on See also:American Law (new ed., 1896), ii . 414, 415; and cf . Gen . Stats. of See also:Connecticut, 1888, s . 578; New See also:York Stats. s . 2714; New See also:Jersey (Orphans Court, s . 58) . (iii.) An analogous duty of preparing an " inventory " is imposed in many countries on guardians and curators . In Scotland judicial factors are charged with a similar statutory duty (Act of See also:Sederunt, Nov . 25th, 1857, under the See also:Bankruptcy (Scotland) Act 1856) as regards the estate of insolvent debtors . (iv.) In Scots law, the See also:term " inventory " is also applied to a list of documents made up for any purpose, e.g. the inventory of See also:process or the inventory of documents, in an See also:action, and the inventory of See also:title-deeds produced on a judicial See also:sale of lands . (v.) In England an " inventory " of the See also:personal chattels comprised in the See also:security is required to be annexed to a See also:bill of sale (Bills of Sale Act 1882, s . 5) . See also EXECUTORS AND ADMINISTRATORS . |
|
|
[back] INVARIABLE PLANE |
[next] INVERARAY |
There are no comments yet for this article.
Do not copy, download, transfer, or otherwise replicate the site content in whole or in part.
Links to articles and home page are encouraged.