This historic book may have numerous typos, missing text or index.
Purchasers can download a free scanned copy of the original book
(without typos) from the publisher. 1919. Not illustrated. Excerpt:
... after the debts were paid. It was nothing to them who the
beneficiaries were, or whether they took by will or by inheritance.
By statute the entire estate, real and personal, is held liable for
deceased's debts, after payment of the necessary expenses of
administration, including costs of her last sickness and funeral. 3
Comp. Laws 1915, 13794, 13887, 13888. Until the valid and properly
proved claims of those who extended credit to deceased in her
lifetime for money loaned, goods sold or services rendered are
paid, the unearned gratuities to beneficiaries under her will or
inheritances to her heirs are postponed and contingent, the corpus
of the estate is subject to creditors' liens and the surplus rather
than the gross assets constitutes the actual estate left to
deceased's distributees or beneficiaries. "The law subjects the
assets of a deceased person to the payment of his debts, and for
this reason the creditor has an equitable lien thereon, which he
can enforce through the administrator in a proper case for
equitable interference." Pierce v. Holzer, 65 Mich. 263, 273.
"Under our system the settlements of estates of deceased persons
are essentially proceedings in rem (Howard v. Moore, 2 Mich. 226),
as they are in most of the other States, in which the res is the
decedent's estate and the jus ad rem is in the creditor. Upon the
death of a person leaving creditors, the debts, previously personal
obligations, become immediately property obligations, with all the
force of a lien upon a debtor's estate." Lafferty v. People's
Savings Bank, 76 Mich. 35, 51. Cases cited by appellant where fees
of counsel and other expenses incurred by an executor or
administrator in prosecuting or defending litigation directed to
increasing or conserving the amount of t...
General Books LLC
|Country of origin:
Michigan. Supreme Court
||246 x 189 x 13mm (L x W x T)
||Paperback - Trade
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