1971 Ed.]
Probate and Administration.
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the next four thousand dollars and one per cent on the balance of the gross value of all property of whatsoever nature administered.
PART VI.
ADMINISTRATION OF ASSETS.
61. (1) (a) The property of a deceased person, to the extent of his beneficial interest therein, and the property of which a deceased person in pursuance of any general power disposes by his will, are assets for payment of his debts and liabilities, and any disposition by will inconsistent with this Ordinance is void as against the creditors; and the court shall, if necessary, administer the property for the purpose of the payment of debts and liabilities.
(b) This subsection takes effect without prejudice to the rights of incumbrancers.
(2) If any person to whom any such beneficial interest devolves or is given, or in whom any such interest vests, disposes thereof in good faith before an action is brought or process is sued out against him, he shall be personally liable for the value of the interest so disposed of by him, but that interest shall not be liable to be taken in execution in the action or under the process.
62. (1) On the death of a person intestate as to any property, such property shall be held by his personal representatives—
(a) as to the immovable property upon trust, subject to section 54, to sell the same; and
(b) as to the movable property upon trust to call in, sell and convert into money such part thereof as may not consist of money,
with power to postpone such sale and conversion for such a period as the personal representatives, without being liable to account, may think proper, and so that any reversionary interest be not sold until it falls into possession unless the personal representatives see special reason for sale.
(2) Out of the net money to arise from the sale and conversion of such movable and immovable property (after payment of costs), and out of the ready money of the deceased (so far as not disposed of by his will, if any), the personal representatives shall pay all such funeral, testamentary and administration expenses, debts and other liabilities as are properly payable thereout, and out of the residue of the said money the personal representatives shall set aside a fund sufficient to provide for any pecuniary legacies bequeathed by the will (if any) of the deceased.
Property of deceased is asset for payment of debts. (cf. 1925 c. 23, s. 32.)
Duties of representatives. (cf. 1925 c. 23, s. 33.)
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