TESTAMENTARY SYSTEM.
have been discharged or retained for, or settled, it shall be his duty
to
deliver up the estate in his hands to those entitled, provided that his
duty and
power with respect to future assets shall not cease; and after such delivery
he shall
not be liable for any debt afterwards notified to him, provided he
shall have advertised
as herein before directed, unless assets shall afterwards come into his
hands, which shall be answerable for such debts.
7. Whereas it often happens that an executor
or administrator hath in his
hands assets to a great amount, and there is no reason to apprehend that
they
will be nearly exhausted in payment of debts, and those entitled after
payment of
debts are in want of subsistence, or greatly straitened in their circumstances,
and
case any person so entitled shall apply, by petition, and satisfy the court
that he
or she is really want of subsistence, or greatly straitened in circumstances,
and
that it probably will not require more than one half of the assets
to discharge
the debts, the court may direct the executor or administrator to deliver
to the
petitioner any part of what the court shall suppose will be the petitioner's
distributive
share, or any part of a legacy or bequest in money, not exceeding one
third part, the said petitioner giving bond, with security, approved by
the court,
to the executor or administrator, for returning the same, or an equivalent,
with
interest, whenever so directed by the court; and the court shall have power
to
determine, in a summary manner, on any such petition, after a summons against
such executor or administrator duly returned either summoned or non
est.
8. And the court, in like manner, on any petition
by a person in such circumstances,
to whom a specific legacy or bequest hath been made, being satisfied
that the assets, exclusive of all specific legacies, will not nearly
be exhausted
by debts, may direct the executor or administrator to deliver to the petitioner
the
said specific legacy or bequest, on his or her giving bond as aforesaid.
9. If an executor or administrator shall fail
to return an account as herein before
directed within the time limitted by law, or by the court, his letters,
on application
of any person interested, may be revoked, and such administration, (as
the case may require,) may be granted at discretion of the court; and the
administrator,
to whom letter shall be granted, shall be entitled to deliver to
the petitioner the
said specific legacy or bequest, on his or her giving bond as aforesaid.
10. Whenever it shall appear by the first or
other account of an administrator,
that all the debts of, or claims against, the estate, known by or notified
to him,
have been discharged or allowed for in his account, it shall be his duty
to deliver
up and distribute the surplus or residue of the estate as hereafter directed,
provided
that his power and duty, with respect to future assets, shall not cease;
and
after such delivery, the administrator shall not be answerable for any
debt afterwards
notified to him, provided he shall have advertised as herein before directed,
unless assets shall afterwards come into his hands which shall be liable
for such
debts.
11. If by the provisions in a will it shall
be necessary for an executor, or for
an administrator with a copy of the will annexed, to retain in his hands
the
personal estate, or a part thereof, after all just claims are discharged,
as where
money, or some other thing, is directed to be paid at a distant period,
or upon a
contingency, the court of chancery alone shall have power, on the application
of such executor or administrator, or of a party interested, to decree
or give directions
thereto relative; and it shall be the duty of such executor or administrator
to apply to the court of chancery, and the said court shall have full power
to
decree what part of the personal estate shall be retained or appropriated
for the
purpose, and in what manner it shall be disposed of, and the legacy or
benefit
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