Debtor Executor - Law Dictionary Search Results
Home Dictionary Name: debtor executorDebtor-Executor
Debtor-Executor. At law, if a testator appoints his debtor executor, the debt is released. In equity, however, the executor is accountable for the amount of his debt, as assets of the testator. See Freakley v. Fox, 9 B. & C. 134; Re Hyslop, (1894) 3 Ch 522; and see Wms. On Executors, 12th Edn., p. 858....
Executor
Executor. A person appointed by a testator to carry out the directions and requests in his will, and to dispose of the property according to his testamentary provisions after his decease.One who performs or carries out some act, Black's Law Dictionary, 7th Edn., p. 591.The leading duties and responsibilities of an executor may be thus classed:-(1) He will not be allowed as against creditors extravagant funeral expenses if the testator died insolvent; and if he neglects to secure the property, and loss ensue, he will be personally liable for a devastavit, but will not be responsible for mere neglect to take out probate (Re Stevens, (1898) 1 Ch 162). See DEVASTAVIT.(2) By operation of law by virtue of his office he takes a title to the personal property of the testator which vests him with full power ovr the testator's chattels, Attenborough v. Solomon, 1913 AC 76, and by Administration of Estates Act, 1925, s. 1, extending and amending the Land Transfer Act, 1897, real property devolves...
Equitable executor
Equitable executor, Where interests in property cannot be taken in execution under the processes at law available to the judgment creditor, he may obtain the appointment of a receiver and if necessary an injunction restraining the judgment debtor from dealing with the property. See R.S.C. Ord. L., r. 16 and Notes, A.P., ibid....
Executor of an executor
Executor of an executor. The interest in a testator's estate and effects, vested in his executor, at the decease of the executor, devolves upon such executor's executor; but in the case of the decease of an administrator, a fresh administration must be granted; for this reason, that, whereas an executor is appointed by the testator, an administrator merely derives his authority from the Court of Probate. See In the Goods of Reid, 1896, P. 129; and A.E. Act, 1925, s. 7....
Executor de son tort.
Executor de son tort. See (English) A.E. Act, 1925, ss. 28, 29, and s. 55(1)(xi.). If a stranger take upon himself to act as executor or administrator (see 14 Halsbury's L. of E., 2nd Edn., para. 282), without any just authority (as by intermeddling with the goods of the deceased, and any other transactions), he is called in Law an executor of his own wrong, de son tort, and is liable to the extent of the assets which have come to him and to all the trouble of an executorship without any of the profits or advantages; but the doing of acts of necessity or humanity, as locking up the goods or burying the corpse of the deceased, will not amount to such an intermeddling as will charge a man as executor of his own wrong. Such an one cannot bring an action himself in right of the deceased; but actions may be brought against him, 1 Wms. Exors.; and see Peters v. Leeder, (1878) 47 LJ QB 573; A.-G. v. New York Breweries Co., 1899 AC 62. As to his liability in respect of a term of years of which...
De son tort, executor
De son tort, executor, a stranger who takes upon himself to act as executor. See EXECUTOR DE SON TORT...
Executor lucratus
Executor lucratus, an executor who has assets in his hands; it included the case of an executor of a testator who in his lifetime made himself liable by a wrongful interference with the property of another; see Davidson v. Tulloch, (1860) 6 Jur. (N.S.) 543, H.L.3 Macq....
insider (of an individual debtor)
insider (of an individual debtor) Any relative of the debtor or of a general partner of the debtor; partnership in which the debtor is a general partner; general partner of the debtor; or a corporation of which the debtor is a director, officer, or person in control. Source: Administrative Office of the U.S. Courts ...
insider (of a corporate debtor)
insider (of a corporate debtor) A director, officer, or person in control of the debtor; a partnership in which the debtor is a general partner; a general partner of the debtor; or a relative of a general partner, director, officer, or person in control of the debtor. Source: Administrative Office of the U.S. Courts ...
Debtors Act, 1869
Debtors Act, 1869 (32 & 33 Vict. c. 62).-This Act abolishes imprisonment for debt except incase of default of payment of penalties, default by trustees or solicitors, and certain other cases (see s. 4), and provides for committal of debtors in default of payment of judgment debts which the debtor can but will not pay, and in certain other cases (s. 5): see COMMITMENT. It also provides for the punishment of fradulent debtors. The (English) Debtors Act, 1878 (41 & 42 Vict. c. 54), gives a judicial discretion in the case of a defaulting trustee or solicitor. See Chitty's Statutes, tit. 'Debt'; IMPRISONMENT, and as to Northern Ireland, see 35 & 36 Vict. c. 57...
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