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INVENTORY (post-class. Lat. inventari...

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Originally appearing in Volume V14, Page 718 of the 1911 Encyclopedia Britannica.
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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 In See also:South See also:Africa benefit of inventory is superseded by See also:local legislation .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 .

End of Article: INVENTORY (post-class. Lat. inventarium, a list or repertory, from invenire to find)
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