§ 23-2-90. Legal and Equitable Assets Defined; Rules of Distribution
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 […]
§ 23-2-117. When Release, Relinquishment, or Covenant as to Exercise of Power of Appointment Authorized
Any person holding a power of appointment, general or special, whether exercisable by deed or by will only or otherwise, and whether reserved by the holder of the power or conferred upon him by another, may, as to all or any part of the property covered by the power of appointment, release or relinquish the […]
§ 23-2-91. When Equity Will Interfere With Administration of Estates
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, § […]
§ 23-2-118. Release, Relinquishment, or Covenant as to Exercise of Power of Appointment to Be in Writing; Delivery or Recordation
Any release, relinquishment, or covenant referred to in Code Section 23-2-117 shall be in writing, signed by the person holding the power, and delivered to anyone interested in the power, including any person in the limited class, or to any fiduciary holding the property or any part thereof, or recorded in the office of the […]
§ 23-2-92. Application for Direction or Construction of Will
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, […]
§ 23-2-119. When Fiduciaries or Bona Fide Purchasers Affected by Release, Relinquishment, or Covenant as to Exercise of Power of Appointment
No fiduciary holding or distributing any property subject to a power of appointment as referred to in Code Section 23-2-117 shall be deemed to have notice of the release, relinquishment, or covenant or be bound thereby unless and until a copy thereof is delivered to the fiduciary. No bona fide purchaser purchasing the property shall […]
§ 23-2-93. Marshaling Assets of Decedent’s Estate
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 […]
§ 23-2-120. Application of Code Sections 23-2-117 Through 23-2-119
Code Sections 23-2-117 through 23-2-119 are declaratory of existing law and apply to all such releases, relinquishments, and covenants, whenever executed. History. Ga. L. 1945, p. 340, § 4.
§ 23-2-94. Compelled Election in Marshaling Assets
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, […]
§ 23-2-95. Creditors’ Petitions
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 […]