A Codicil Is A(n)

question 19

Multiple Choice

A codicil is a(n) :

• A) amendment to a will.
• B) automatic revocation of a will.
• C) written document that lists future health care decisions for incapacitated individuals.
• D) creditor's claim against the estate.

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Definitions:

Secondarily Liable

Refers to the responsibility that falls on a party only after the primarily liable party has failed to fulfill their obligations.

Accommodation Maker

An individual who signs a loan document as a guarantor without receiving any of the loan proceeds, promising to pay the debt if the principal borrower fails to do so.

Primarily Liable

Being directly and foremost responsible for a legal obligation or debt.

Promissory Note

A financial instrument that contains a written promise by one party to pay another a definite sum of money, either on demand or at a specified future date.