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Exceptions to the rule of lapse
There is no lapse in either of the following cases:1. Where the gift or disposition is made in discharge of a moral obligation recognised by the testator; or
2. Where the gift or disposition is in favour of any child or other issue of the testator, for any estate or interest not determinable at or before the death of the child or other issue and the child or other issue leaves issue surviving the testator.In either case, the gift or disposition takes effect as if the deceased legatee had died immediately after the testator.E.g. In his will, K left his house to his eldest son M. M pre-deceases his father, but leaves his children P an Q who are alive at the time of his father's (i.e. X's death). In his will, M leaves all of his estate to his wife Mrs. M. The fact that P and Q are alive at K's death keep in place the gift to M; the house passes to M's estate, and by means of M's will, passes to Mrs. M (Carefully contrast this position with the per stirpes rule in intestacy).
In this method the minimum and maximum level for all items of inventory are fixed. These levels function as an origin for initiating action so that the quantity of all items is con
You have observed the following returns over time: Year Stock X Stock Y Market 2006 13% 13%
INCOME ACCOUNT (a) Classification : Income will be classified under appropriate headings: Rents; Interest on Government securities; Dividends; Interest on
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During 2011, Lavina Corporation had cash and credit sales of $94,000 and $91,000, respectively. The company also collected accounts receivable of $53,400 and incurred expenses of $
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:
TERMINATION OF OFFICE OF TRUSTEE The trustee may vacate office in the following ways: 1. Resignation : He may resign at a meeting of creditors and with their consent. 2.
Look closely at the stock market in Fiji. Do a trend analysis of the stock market based on the following: ? The function of the stock market ? The trend analysis of the number of
The partnership of Lewis and Clark had these balances at April 30, 2008: Cash........$28,000 Liabilities........56,000 Clark Capital...14,000 Other Assets...84,000 Service Re
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