Residuary definition

Residuary estate means the assets which ultimately remain out of the estate after the payment of the testator's debts, funeral and testamentary expenses and the costs of the administration of the estate, the costs of the administration suit and after payment of the legacies. The plaintiff and defendant in terms of clause 7 of the Last Will could become equally entitled to the residuary estate only after the discharge of the obligations referred to in clause 5. The payment of the debts and legacies referred to in the said clause are antecedent to the ascertainment of the residuary estate. The duties of an executor consist in (1) the recovery and collection of the assets of the deceased (2) payment of debts, estate duty and other testamentary expenses and finally (3) payment and distribution of the legacies in terms of the Will. It is not disputed that there was no money in the estate available for the payment of the estate duties, mortgage loans and other monetary legacies referred to in clause 5 of the Will. Hence it was necessary to sell and convert into money No. 3, Mile Post Avenue, Colpetty, as provided for by clause 3 of the Will. The sale was part of the process of realising the estate and payment of the monies referred to in clause (3). It is significant that in clause 'D' of the agreement between the parties it is provided that- "It ,s f r rther agreed that the respondent should purchase premises bearing Assessment N o.3. Mile Post Avenue, for Hs. 51,000 only and the said sum of Rs. 51,000 is to be utilised in
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Examples of Residuary in a sentence

  • Guaranteed Obligations 701(a) Maturity Date 301 Member of the Rogers Family 401 Permitted Residuary Beneficiary 401 Perpetuity Date 401 Qualifying Trust 401 Spouse 401 Successor Guarantor 703 SECTION 103.

  • Cash from Capital Transactions will be distributed as follows: (i) first, to the Members, an amount equal to their Unrecovered Equity; (ii) second, to the Members, an amount equal to their Priority Return; and (iii) the balance, to be shared by the Members and the Manager in proportion to the Residuary Sharing Ratio.

  • Cash from Operations will be distributed as follows: (i) 100% to the Members until the Members have received their Priority Return; and (ii) the balance, to be shared by the Members and the Manager in proportion to the Residuary Sharing Ratio.

  • Residuary Trust [▇▇▇▇ ▇▇▇▇▇] ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ [▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇] ▇▇▇▇ ▇▇▇▇▇▇ as Trustee of The Singer Children’s 2002 Irrevocable Trust ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇.

  • If a gift balance remains at the conclusion of the Fund Advisor(s)’s administration, the Fund Advisor(s) may choose to recommend final grants before turning the fund over to the Successor Advisor(s) or Residuary Fund.

  • On completion of the administration of the Estate, each Residuary Beneficiary will either (a) provide a general release and discharge to each of the Port Trustees and the Executors of the Probate Estate, or (b) submit to an Illinois court for the Port Trustees and the Executors of the Probate Estate to obtain judicial approval of the accounts, from the Closing Date to the completion of the administration.

  • In the event that the estimate is $10,000.00 or more, and if less than $10,000.00 is actually expended towards Administrative Costs, the remainder will be returned to GAS after all Total Payments to Each Individual Settlement Class Members are made and the Residuary Charities are paid.

  • Since 2010, Castle Residuary, DOE and DLNR continue to discuss and pursue the exchange, but no definitive agreement for the proposed exchange or other disposition of the Kalaheo Hillside Property to the DOE, DLNR or other department or agency of the State of Hawaii (such exchange or other disposition, irrespective of form, being referred to herein as the “Kalaheo Hillside Exchange”) has yet been executed.

  • All references in this Trust Agreement to the "Residuary Trust" shall be to the trust or trusts established under this article.

  • Residuary Estate I direct that my residuary estate, including any real property and personal property, be distributed, bequeathed and given to my child(ren) _____________________________________________________________________ (name(s)).

Related to Residuary

  • €STRi-pTBD means, in respect of any TARGET Business Day falling in the relevant Interest Accrual Period, the €STR for the TARGET Business Day falling “p” TARGET Business Days prior to the relevant TARGET Business Day “i”;

  • widow means the surviving dependent widow of an employee who was wholly or partially dependent upon the employee's earnings at the time of the employee's death;

  • Settlor means a person, including a testator, who creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion.

  • Residual means, with respect to any Lease, any right of the lessor or its assigns, as owner of the underlying Equipment, to realize value from the related Equipment after termination of the Lease, including the right of the owner of the Equipment to receive any proceeds from the sale, re-lease, continued use or other disposition of the Equipment after the termination of the Lease.

  • war widower s pension” means any pension or allowance payable to a man as a widower or to a surviving civil partner under an instrument specified in section 639(2) of the Income Tax (Earnings and Pensions) Act 2003 in respect of the death or disablement of any person;