| 释义 |
marshalling of assets in probate
A form of marshalling of assets that is applied where a deceased person’s assets are to be used to pay off debts of the estate. The Administration of Estates Act 1925 (sch 1 pt II) gives the order of priority in which such assets are to be used to pay off any debts. Section 35 of the same Act also provides that property which is mortgaged is to be used primarily to pay off the mortgage liability. Such rules are not, however, binding on a creditor of the estate, who can enforce his debt against any assets in the estate. If an asset is taken out of order for payment of a debt, then the personal representatives must adjust matters between beneficiaries by compensating the beneficiary whose asset was used for such payment. |