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CAUSES OF FAILURE OF LEGACIES AND GIFTS OF RESIDUE1) Ademption:If property which has been specifically bequeathed does not belong to the testator at the time of his death, or has been converted into property of a different kind, the gift cannot take effect by reason of the subject of the gift having been withdrawn from the operation of the will; where a gift fails on this account, it is said to be "adeemed". There must be a substantial change in the subject of a specific legacy to cause ademption and a merely nominal change shall not have that effect.2) Uncertainty:A gift or disposition not expressive of any definite intention shall be void for uncertainty, i.e A gift under a will fails where there is uncertainty as to:What is being given, To whom it is being given, or The quantity of the interest being given.3) Disclaimer:A beneficiary can always disclaim a legacy and probably would do so if the gift involves onerous conditions. He may also do so when he wishes to increase the share of residue passing to some other beneficiary.4) Lapse:If the legatee pre-deceases the testator, the gift fails; it is said to "lapse".5) Gifts subject to an illegal condition:A gift will fail if it has an illegal condition attached to it.6) Gifts subject to a condition which is contrary to public policy:Where a gift is subject to a condition which is contrary to public policy, the gift will not fail but the beneficiary will take without the condition.
7) Abatement: In case the legacy is not adequate to meet all the dues of the beneficiaries, the dues will be reduced in proportion to what is available fro the legacy.
Effect of Winding-up Order The consequences of a winding-up order are: 1) Any disposition of the company's property and any transfer of shares is void, unless the court otherwis
On January 1, 2010, Anderson Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued
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Calculation of Leverage ratios - 2008 2009 2010 U EBIT or Oper
Natalie cashes in her U.S savings Bonds and receives % 520, which she deposits in her personal bank account. Journalize it
PCAOB - Public Corporation Accounting Oversight Board, a private-sector, non-profit corporation created by Sarbanes-Oxley Act of 2002, to oversee AUDITORs of public companies in or
3:Barnes Baskets, Inc. (BB) currently has zero debt. Its earnings before interest and taxes (EBIT) are $100,000, and it is a zero growth company. BB's current cost of equity is
hello, i have got my answer, but i don''t know the PART C why doesn''t calculate "working capital: 60000"?????? can not find match number in the solution table
Cashflows from financing activities Financing activities are those activities that will lead to either an increase or decrease in shareholders funds and long-term liabilities.
Allied Managed Care Company is evaluating two different computer systems for handling provider claims. There are no incremental revenues attached to the projects, so the decision
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