An Abatement Occurs When a Testator Makes a Bequest of Specific

question 12

True/False

An abatement occurs when a testator makes a bequest of specific property and the estate does not have the property at death.

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Definitions:

Dishonored Note

A promissory note that has not been paid by the issuer at its maturity date.

Credit Card Expense

Costs associated with accepting credit card payments, including fees and interest charges.

Credit Sales

Sales transactions where payment is not received at the time of sale but is agreed to be paid at a later date, often tracked through invoices.

Major Bank Credit Cards

Credit cards that are widely accepted and issued by large, well-known banks, often featuring various benefits and rewards.