abatement

From: A Dictionary of Law | Date: 2002| Author: | Copyright information

abatement n.
1. (of debts) The proportionate reduction in the payment of debts that takes place if a person's assets are insufficient to settle with his creditors in full.

2. (of legacies) The reduction or cancellation of legacies when the estate is insufficient to cover all the legacies provided for in the will or on intestacy after payment of the deceased's debts. The Administration of Estates Act 1925 provides that general legacies, unless given to satisfy a debt or for other consideration, abate in proportion to the amounts of those legacies; specific and demonstrative legacies ...

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