20:49
THATS SO FUNNY
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
ultra vires inventarii
Read a random definition: embezzlement
A quick definition of ultra vires inventarii:
Term: ULTRA VIRES INVENTARII
Definition: Ultra vires inventarii is a legal term that means "beyond the value of the inventory." This term is used in the context of a deceased person's estate. If an executor of the estate is found to have paid out more money than the value of the assets listed in the inventory, they are not liable for the decedent's debts beyond that amount. In simpler terms, it means that the executor is only responsible for paying debts up to the value of the assets listed in the inventory.
A more thorough explanation:
Definition: Ultra vires inventarii is a Latin legal term that means "beyond the value of the inventory." It refers to a situation where an executor is not liable for the debts of a deceased person that exceed the value of their estate as listed in the inventory.
Example: If a person dies and their estate is valued at $100,000, but they owe $150,000 in debts, the executor is only responsible for paying off the debts up to the value of the estate, which is $100,000. The remaining $50,000 in debt is considered ultra vires inventarii and cannot be collected from the executor.
This legal concept is important because it protects executors from being held personally responsible for debts that exceed the value of the estate they are managing. It also ensures that creditors are only able to collect what is owed to them up to the value of the estate.