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An Advantage of a Specific Legacy Is That It Is

question 9

True/False

An advantage of a specific legacy is that it is used for the payment of debts only after money from the general assets of the estate has been depleted.


Definitions:

Sufficient Funds

Refers to having enough money in an account to cover checks or other withdrawal requests.

Federal Reserve Bank

One of the 12 regional banks that make up the Federal Reserve System, acting as the central banking system of the United States.

Business Days

Days of the week when business is typically conducted, usually Monday through Friday, excluding public holidays.

Local Account

An account that is specific to a particular geographical location or jurisdiction, often referring to banking or services limited to a local area.

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