Order of Application of Assets in Satisfaction of Debts and Liabilities, Report for Discussion 19

This report considers the payment of a person’s debts out of their estate after their death (at the time of publication). Over hundreds of years, a common law “order of application” had developed, that determined the order in which certain kinds of assets could be applied to pay off a debt, so that, for example, assets that were not given over as a gift to someone would be applied to pay off debts before those […]

September 2, 2001