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COLLATERAL READING

The following is a list of books on the general subject, recommended to the student who desires to pursue an intensive course of reading; the student must, however, remember that editions not of recent publication must be read in the light of subsequent changes in the law and practice:

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QUESTIONS AND PROBLEMS

1. Define: Executor, administrator, trustee, administratorcum-textamento-annexo; administrator de bonis non; guardian; guardian pendente lite; testamentary trustee; will; testator; intestate; assets; debts; legacy; specific legacy; demonstrative legacy; general legacy; lapsed legacy; residuary legacy; codicil; letters of administration; executor de son tort; income; commission; testamentary trust; inter vivos trust; surrogate; intermediate accounting; final accounting; judicial settlement; property; real property; personal property; heirs-at-law; nextof-kin; life tenant; remainderman; administrator pendente lite; dower; estate by courtesy; executrix; administratrix.

2. What is necessary to the valid execution of a will? Of a codicil? How many witnesses are necessary to the valid execution of a will? Of a codicil? What qualifications as to age does the statute require? Is your answer the same for both real and personal property?

3. What is an olographic will? A nuncupative will? What are the statutory requirements relative to such wills? Can a legatee be a witness to a will? What are the statutory requirements where corporations, partnerships and non-residents are appointed executors?

4. What is the source of an executor's authority? Of an administrator's authority? What is meant by the expression, "the executor has qualified"?

5. What are the duties of an executor named in a will during the interval between the death of the testator and the issue of letters testamentary?

6. What procedure should be followed by a person nanied as executor who does not wish to serve? May an executor resign? If an executor renounces may he retract?

7. Where more than one executor is named, may all act? If one dies or resigns, what happens? Who should settle the accounts of a deceased executor? Are executors responsible for each other's neglect or default?

8. Must an executor give bonds? For what reasons may

an executor be removed? State the statutory requirements relative to surety bonds of executors. Who should pay for the cost of surety bonds?

9. When must the several executors act jointly? Are the requirements for joint action the same for trustees?

10. What is the first duty of an executor? Must an executor file an inventory? Should real property be included in the inventory? State the rule regarding real and personal property located outside the State. What law of place governs in the case of the disposition of real and personal property by will?

II. What are the executor's duties relative to the following: Debts due to the estate; debts due by the estate; taxes on the estate?

12. What form and arrangement should be followed in preparing the inventory?

13. What books of account should an executor keep? What steps would you take in opening a set of books for an executor? How should an executor handle funds in his possession; is an executor responsible for the failure of a bank in which he has deposited funds of the estate? Is the executor responsible for property of the estate stolen from him? To what should he charge such a loss-corpus or income? How should an executor sign checks or papers?

14. Does a judgment obtained against the executor in his official capacity bind him personally? Does it affect the real property of the estate? Can an executor bind an estate by contracts entered into in his official capacity? Would the answer be the same if the executor personally made no profits on the transaction? May an executor purchase any property of the testator? Can an executor take credit in his accounting for expenses incurred for the following: counsel fees; auctioneer in sale of property; bookkeeper for the estate; an agent; accountant's service in preparing his accounts? Is an executor responsible for the acts of an agent he employs on estate matters, and how may he protect himself? What general rule may be laid down relating to expenses incurred by an executor in behalf of the estate?

15. What is an executor's duty in the matter of debts due to the estate? Is an executor ex-officio a partner in the firm

in which the testator was a partner? Has he a right to examine the books of the partnership? May he sue for an accounting of the testator's interest therein? If this suit or any suit for the recovery of a debt due to the estate should fail, is the executor chargeable for the costs thereof? Are lawsuits brought by the testator in his lifetime to be continued by his personal representative?

16. A B diès; it is found that on the dissolution of a partnership in which A B was a partner, there is not sufficient firm property to pay the firm debts, but that there are other living solvent partners. What obligations attach to the estate of A B? Suppose that there were no living solvent partners? State the rights of A B's personal creditors and next-of-kin in the above cases?

17. Upon the dissolution or sale of the business of a copartnership, is the estate of the deceased partner entitled to share in the profits derived from the sale of the goodwill or firm name? If so, in what proportion-as per capital contribution or as per share of profits allowed under the articles of co-partnership?

18. Can a sole surviving partner of an insolvent firm make a general assignment of its assets without the consent of the executor of the deceased partner? When may an executor compel the surviving partners to pay over to him the interest of the testator in the firm? If the testator made his partners the executors of his will may they purchase the interest of the deceased partner therein?

19. If the testator should make a person the devisee of his interest in a co-partnership, would such devisee become a partner? Is an executor justified in accepting an informal accounting from surviving partners?

20. Jones, an executor, allows the funds of an estate to remain invested in the business of a co-partnership of which the testator was a member; the firm fails subsequently. Is the executor liable? If there was express authority in the will permitting the executor to do this, would your answer be the same? When the articles of co-partnership and the will conflict in a matter concerning the partnership interest, which governs?

21. State the provisions of the code relative to the follow

ing matters: appointment of appraisers and appraisal; contents of the inventory; return of the inventory; discovery proceedings; ascertainment of debts.

22. What are deemed assets? State the rules for the apportionment of rents, annuities and dividends.

23. The executor is compelled to purchase real estate upon the foreclosure of a mortgage held by the estate; are the proceeds personalty or realty? The testator contracted to purchase realty during his lifetime and paid down part of the price as earnest money; should the executor pay the unpaid balance? When the transaction is completed is such property considered as realty or personalty? The testator contracted to sell realty and part of the purchase price had been paid to him by the purchaser; when the balance due is paid, are the proceeds treated as realty or personalty? If a mortgage held by the estate is foreclosed by the executor and realizes a surplus, to whom does surplus belong? If a mortgage on property of the decedent is foreclosed and realizes a surplus, to what class of property does such surplus belong?

24. Among the testator's assets is some part-paid stock of the Jones Company; would the estate be liable for the debts of this company? Can the executor compel a corporation upon receipt of proper credentials to register stock in his official name? Can the executor vote on stock even though the formality of transferring it to his name as executor on the books of the company has not been complied with?

25. What are the executor's duties in the matter of specific legacies? Must he pay interest on a specific legacy? Can a bequest of money ever be a specific legacy? What happens if the testator has disposed of the specific legacy? What is meant by the term "increment" when used in connection with a specific legacy? What arrangement is usually made for the collection of the transfer tax on a legacy? Can an executor ever sell a specific legacy, and if so, how must it be sold?

26. What is meant by a lapsed legacy and how should it be treated?

27. Define and differentiate the following terms: Specific legacy; demonstrative legacy; general legacy; absolute; conditional; contingent; general legacy in income. When must an executor pay legacies? If the will provided that a certain

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