Protection of property of a deceased person, Financial Accounting

PROTECTION OF PROPERTY OF A DECEASED PERSON

(a) No person may take possession of or dispose of or otherwise intermeddle with, any free property of a deceased person, unless he is expressly authorised by the Succession Act or by some other Act.

(b) If a person contravenes the above he is guilty of an offence and is answerable to the rightful executor or administrator to the extent of the assets with which he has intermeddled after deducting any payments made in the due course of the administration.

(c) Whenever it becomes known to any police or administrative office that any person has died, he shall forthwith report the fact of his death to the administrative officer of the area (unless he knows that this has already been done).

(d) If the administrative officer is requested by any person who appears to have a legitimate interest in the estate or if no application for representation in respect of the estate has been made within one month of the date of death of the deceased, the officer will proceed to the last known place of residence of the deceased and take all necessary steps for the protection of his free property found there, for ascertainment of his other free properties (if any), for ascertainment of all persons appearing to have any legitimate interest in succession to or administration of his estate and for the guidance of prospective executors or administrators as to formalities and duties.

(e) The High Court has jurisdiction to deal with any application and determine any dispute under the Succession Act.

Posted Date: 12/13/2012 4:52:26 AM | Location : United States







Related Discussions:- Protection of property of a deceased person, Assignment Help, Ask Question on Protection of property of a deceased person, Get Answer, Expert's Help, Protection of property of a deceased person Discussions

Write discussion on Protection of property of a deceased person
Your posts are moderated
Related Questions
Q. Strengths and Weaknesses of Capital asset pricing model? Strengths - Gives a risk adjusted discount rate precise to the project's activities. - Books of betas are r

INTER-COMPANY TRANSACTIONS AND BALANCES As the associate company is not consolidated, care should be taken when there are trading transactions and inter-company balances between

Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material

The current stock price of International Wood is $69 and the stock does not pay dividends. The instantaneous risk free rate of return is 10%. The instantaneous standard deviation

1.  The average annual investment cost of a workstation in New Jersey has been calculated to be $100,000.  It has been calculated to be $150,000 in Kentucky.  The hourly cost at a

What is the function of balance sheet

We have discussed the computation of the future value in the previous sections; here let us work the process in opposite. Let us assume you have won a lottery ticket worth Rs. 1000

You have the following information about rates in London for Eurocurrency loans of one-year duration, the exchange rate between the USD and euros, the currency in which you want fi

The maximum possible loss method Under this method, a table is set up to compute the amounts payable to each partner. The results of the computation may be then posted into the

Instructions: The case should be done in your assigned groups. Hand in a brief write-up not exceeding two pages explaining what was done.   In April 198