When There Are Not Enough Assets in the Estate to Satisfy

question 66

Multiple Choice

When there are not enough assets in the estate to satisfy all legacies in the will, the distribution schedule goes through a process of:

• A) Ademption.
• B) Amendment.
• C) Abatement.
• D) Accretion.
• E) Aggregation.

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Definitions:

Revised Article 3

Refers to updates made to Article 3 of the Uniform Commercial Code that governs negotiable instruments, including checks and drafts, in the United States.

Fraudulent Indorsements

Fraudulent indorsements occur when a person illegally signs a document on behalf of another without permission or authority, often to misappropriate funds.

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing commercial transactions between U.S. states, including sales, leases, negotiable instruments, and secured transactions.

Valuable Necklace

A piece of adornment, often made of precious metals and stones, considered to have significant monetary worth.