Assets are either legal or equitable. Legal assets are such as may be reached by the ordinary process of law. Equitable assets are such as can be reached only through the intervention of equity. Legal assets, when properly before the court, shall be distributed according to legal liens and priorities. Equitable assets shall be distributed […]
Equity will not interfere with the regular administration of estates, except upon: Application of the representative: For construction and direction; or For marshaling the assets; or Application of any person interested in the estate where there is danger of loss or other injury to his interests. History. Orig. Code 1863, § 3075; Code 1868, § […]
In cases of difficulty in construing wills, in distributing estates, in ascertaining the persons entitled, or in determining under what law property should be divided, the representative may ask the direction of the court, but not on imaginary difficulties or from excessive caution. History. Orig. Code 1863, § 3076; Code 1868, § 3088; Code 1873, […]
In all cases where legal difficulties arise as to the distribution of assets in payment of debts or where from any circumstances the ordinary process of law would interfere with the due administration of an estate, without fault on the part of the representative of the estate, a petition to marshal the assets shall be […]
In marshaling assets, the court shall look to the equities of the creditors and, where cases arise for election, shall compel the parties to elect. History. Orig. Code 1863, § 3078; Code 1868, § 3090; Code 1873, § 3147; Code 1882, § 3147; Civil Code 1895, § 4002; Civil Code 1910, § 4599; Code 1933, […]
Creditors’ petitions may be filed at the instance of any creditor, the privilege being extended to all to appear and become parties within a reasonable time. History. Orig. Code 1863, § 3079; Code 1868, § 3091; Code 1873, § 3148; Code 1882, § 3148; Civil Code 1895, § 4003; Civil Code 1910, § 4600; Code […]
Equitable assets may be reached by a creditor in every case where he shows that there is danger of not being satisfied out of legal assets. History. Orig. Code 1863, § 3084; Code 1868, § 3096; Code 1873, § 3153; Code 1882, § 3153; Civil Code 1895, § 4004; Civil Code 1910, § 4601; Code […]
In all equity cases in which assets of either or both parties are being administered, marshaled, or otherwise disposed of by the court, upon motion of either party or of the court at least 60 days before the term for trial, an order shall be passed bearing the title of the case and addressed to […]
Joint assets shall be applied to joint debts, and individual assets to individual debts; but, when the joint assets are exhausted, the joint debts may come upon individual assets, the individual debts, without regard to relative dignity as compared with the joint debts, being first advanced the pro rata amount received on the joint debts […]
