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ABATEMENT OF DEBTS AND LEGACIES

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Originally appearing in Volume V01, Page 7 of the 1911 Encyclopedia Britannica.
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ABATEMENT OF DEBTS AND LEGACIES . When the equitable See also:assets (see ASSETS) of a deceased See also:person are not sufficient to satisfy fully all the creditors, their debts must abate proportionately, and they must accept a See also:dividend. Also, in the See also: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 See also:legacy (see LEGACY). Annuities are also subject to the same See also:rule as See also:general legacies.

End of Article: ABATEMENT OF DEBTS AND LEGACIES

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