If a man owed and he could not pay, he and his wife, children or servants were forced into "debt slavery" until the creditor recouped losses through their physical labour

This means, for example, that if a principal authorizes someone to sell the principal's house or other real property, and the law requires a contract for the sale of real property to be in writing (which is required under the Statute of Frauds in most U

After the testator dies, the person named in the will as executor can decline or renounce the position, and if so should quickly notify the probate court accordingly

Courts can reverse a trustee's actions, order profits returned, and impose other sanctions if they find a trustee has failed in their duties

Assets left to any other heir, including the decedent's children, may be taxed if that portion of the estate has a value in excess of the lifetime gift, estate, and generation-skipping transfer tax exemption amount

Court Programs Bankruptcy Bankruptcy helps people who can no longer pay their debts get a fresh start by liquidating assets

" The includible property may consist of cash and securities, real estate, insurance, trusts, annuities, business interests and other assets