Abatement Of Legacies in Europe
Definition of Abatement Of Legacies
The receipt by legatees of none or part only of their legacies owing to insufficiency of assets. General legacies not given in payment of a debt due to the legatee or in consideration of the legatee abandoning any right or interest, abate proportionately between themselves, unless the intention is clear that any particular legacy shall be paid in full. Specific legacies take priority of general legacies, and are liable to abatement only if the assets are insufficient for the payment of debts. Demonstrative legacies are not subject to abatement until the fund out of which payment is directed becomes exhausted
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Definition of Abatement Of Legacies is, temporally, from A Concise Law Dictionary (1927). This page needs to be proofread.
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