Because a General Bequest or Devise Does Not Single Out

question 11

True/False

Because a general bequest or devise does not single out any particular item of property to be transferred by will, a testator does not have to know the nature and extent of his or her property to create a valid will.

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Definitions:

Notes Receivable

Financial assets representing amounts owed to a company, promised to be paid back with interest.

Accounts Receivable Assigned

A financing arrangement where a company uses its receivables as collateral to secure a loan.

Note Payable

A written promise to pay a specific sum of money on a certain date or upon demand to the bearer or order.

Discounted Notes

Notes or bonds sold for less than their face value in order to reflect current market interest rates or the issuer's credit risk.