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Encyclopedia Britannica - Main :: I27-INV |
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INVENTORY (post-class. Lat. inventarium, a list or repertory, from invenire to find) , a detailed list
(i) In law, perhaps its earliest, and certainly its most important 718 use has been in connexion with the doctrine of " benefit of inventory," derived by many legal systems from the beneficium inventarii of Roman law, according to which an heir might enter on his ancestor's inheritance without being liable for the debts attaching to it or to the claims of legatees beyond the valuepreviously ascertained by " inventory "of the estate. The benefit of inventory exists in Scots law, in France (benefice d'inventaire), in Italy, Mauritius (Civil Code, Art. 774), Quebec (Civil Code, Art. 66o), St Lucia (Civil Code, Art. 585), Louisiana (Civil Code, Arts. 1025 et seq.), and under the Roman Dutch law in Ceylon. In South Africa benefit of inventory is superseded by local legislation.(ii.) In many systems of law, the duty is imposed on executors and administrators of making an " inventory " of the estate of the testator or intestate, in order to secure the property to the persons entitled to it. In England this duty was created by statute
In the United States, the duty of preparing an inventory is generally imposed on executors and administrators; see Kent, Commentaries on American Law (new ed., 1896), ii. 414, 415; and cf. Gen. Stats. of Connecticut, 1888, s. 578; New York
Jersey
(iii.) An analogous duty of preparing an " inventory " is imposed in many countries on guardians and curators. In Scotland judicial factors are charged with a similar statutory duty (Act of Sederunt, Nov. 25th, 1857, under the Bankruptcy (Scotland) Act 1856) as regards the estate of insolvent debtors. (iv.) In Scots law, the term " inventory " is also applied to a list
(v.) In England an " inventory " of the personal chattels comprised in the security is required to be annexed to a bill of sale (Bills of Sale Act 1882, s. 5). See also EXECUTORS AND ADMINISTRATORS. End of Article: INVENTORY (post-class. Lat. inventarium, a list or repertory, from invenire to find) If you wish, you can link directly to this article.
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