Allowance of remuneration to executor, administrator or attorusy,
Property of
deceused is
asset for
payment of debts.
Jet. 1923. e. 33, 6.32.1
18
60. (1) Subject to subsection (2), the court may allow to any executor or administrator, including an administrator appointed pendente lite under section 40 (or to a person acting under a power of attorney as attorney for an executor or administrator in the matter of the sealing of a probate or administration under Part IV or in the matter of the realization and administration of an estate under a probate or administration so sealed) such remuneration out of the estate of the deceased person as the court thinks fit.
(2) (a) No allowance shall be made to any executor or administrator or attorney who neglects to pass bis accounts at such time, or to dispose of any moneys, goods, chatiels. or securities with which he is chargeable in such manner as may be required by probate rules and orders.
(b) No such remuneration shall exceed five per cent on the first one thousand dollars, two and a balf per cent on 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.
19
(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 representa- tives sco special reason for sale.
(2) Out of the net money to arise from the sale and con. version of such movable and immovable property (after payment of costs), and out of the ready money of the deceased (so far us 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.
(3) During the minority of any beneficiary or the subsistence. of any life interest, and pending the distribution of the whole or any part of the estate of the deceased, the personal representatives may invest the residue of the said money, or so much thereof as may not have been distributed, in any investments for the time being authorized by any Ordinance for the investment of trust money, with power, at the discretion of the personal representa- tives, to change such investments for others of a like nature.
(4) The income (including net rents and profits of immoy- able property after payments of rates, taxes, rent, costs of insurances, repairs and other outgoings properly attributable to income) of so much of the movable and immovable property of the deceased as may not be disposed of by his will, if any, or may not be required for the administration purposes aforesaid, may, however such estate is invested, as from the death of the deceased, be treated and applied as income, and for that purpose any necessary apportionment may be made between tenant for life and remainderman.
(5) Nothing in this section affects the rights of any creditor of the deceased or the rights of the Government in respect of estate duty.
(6) Where the deceased leaves a will, this section has effect subject to the provisions contained in the will,
Duties of representatives,
ter. 1925, 2, 21.
■. 33,1