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LSDefine

Simple English definitions for legal terms

benefit of inventory

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A quick definition of benefit of inventory:

Benefit of inventory: A rule in civil law that limits the amount of debt an heir is responsible for to the value of what they inherit, if they choose to file an inventory of the estate's assets. This means that the heir will not be held responsible for more debt than what they received from the estate.

A more thorough explanation:

The benefit of inventory is a principle in civil law that limits an heir's liability for estate debts to the value of what they inherit, if they choose to file an inventory of the estate's assets. This means that the heir is not responsible for paying off any debts that exceed the value of the inherited assets.

For example, if someone inherits a house worth $200,000 and the estate has debts totaling $150,000, the heir's liability would be limited to the value of the house. They would not be responsible for paying off the remaining $50,000 in debt.

This principle is designed to protect heirs from being burdened with excessive debt and to ensure that creditors are only able to collect what is owed to them from the assets of the estate.

benefit of division | benefit of priority filing date

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cumsock
15:43
They’re very similar tho
cumsock
15:43
Both t6 ivies
Is that NYU disrespect???? NYU out the t-6?
15:44
Penn because my college friends who mentored me go there
lilypadfrog
15:45
NYU is a t6 unless they don’t accept me and then idgaf what they’re ranked
texaslawhopefully
15:46
That's the best mentality
texaslawhopefully
15:46
If I get into UChicago it will be CYS
lilypadfrog
15:48
waspy I’m sure he meant to clarify that CYS is Cornell Yale Stanford
yeah just making sure
I look really good in blue tho
obviously cornell is t3
cumsock
15:49
someone from my undergrad is going to columbia for a masters in social work and the way they are talking to me im pretty sure they think thats as hard to get accepted to as columbia law
every prof at cornell glazes it so hard
GreyCeaselessMammoth
15:50
i know so many heads going to various schools for random masters degrees and its like babe its not the sameeee
cumsock
15:50
"The acceptance rate for the Master of Science in Social Work (MSW) program at Columbia University is 74%" does he know?
15:50
@cumsock: some battles are won by avoiding fighting them
cumsock
15:51
im not i just wish normies knew its not the same
Trismegistus
15:51
i need chicago so badly
15:51
for suresies
lilypadfrog
15:52
llama do you think we’re besties? I kinda think we’re besties
JumpySubsequentDolphin
15:52
@GreyCeaselessMammoth: PLS I know a girl who got a master’s at Columbia for some random niche thing and she told EVERYBODY SHES GOING TO COLUMBIA LAW SCHOOL
GreyCeaselessMammoth
15:52
WHAT???
15:53
@JumpySubsequentDolphin: I can respect the hustle.
GreyCeaselessMammoth
15:53
penn r
GreyCeaselessMammoth
15:53
called it
15:53
i have two old classmates going to columbia for like social work
15:53
@lilypadfrog: that depends. flash ur mod badge to find out
soyalmondoatmilk
15:54
penn R too bruh
GreyCeaselessMammoth
15:55
luigi arc ended :(
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