Inventory

A list, schedule, or enumeration in writing, containing, article by article, the goods and chattels, rights and credits, and. In some cases, the land and tenements, of a person or persons, A conservatory act, which is made to ascertain the situation of an intestate’s estate, the estate of an insolvent, and the like, for the purpose of securing it to those entitled to It. When the inventory is made of goods and estates assigned or conveyed In trust, it must Include all the property conveyed. It is prime fade evidence of the value as against the administrator; In re Childs, 6 Misc. 5G0, 26 N. Y. Supp. 721; In re Mullon, 74 Hun 358, 26 N. Y. Supp. 683. In case of intestate estates, it Is required to contain only the personal property, or that to which the administrator Is entitled. The claims due to the estate ought to be separated; those which are desperate or bad ought to be so returned. The articles ought to be set down separately, as already mentioned, and separately valued. It is not the duty of an administrator to inventory property which was conveyed by his Intestate in fraud of creditors; Gardner v, Gardner, 17 R. I. 751, 24 Atl. 785. The duty of having an appraisal and Inventory made of a testator’s estate, rests on the executor and not on the adult legatees; In re Curry’s Will, 19 N. Y. Supp. 728. An Item Inserted In the inventory by mistake may be stricken out after It is sworn to; In re Payne, 78 Hun 292, 28 N. Y. Supp. 911. The inventory Is to be made In the presence of at least two of the creditors of the deceased, or legatees, or next of kin, or of two honest persons. The appraisers must the appraisement is Just to the best of their knowledge.

See, generally, 14 Vin. Abr. 465; Bac. 'Abr. Executora, etc. (E 11); Ayl. Par. 306; Com. Dig. Adminiatration (B 7); 2 Add. Eccl. 319; Shoul. Ex. & Ad. 230; 2 Bla. Com. 614; Com. v. Bryan, 8 S. & R. (Pa.) 128.

INVEST (Lat. mveatire, to clothe). To put In possession of a Sold upon taking the oath of fealty or i Sdelity to the prince or superior lord. Also, to lay out capital in some permanent form so as to produce an income. The term would hardly apply to an active capital employed in banking; People v. Ins. Co., 15 Johns. (N. Y.).358, 8 Am. Dec. 243. It would cover the loaning of money; Shoemaker V. Smith, 37 Ind. 122. Whenever a sum Is represented by anything but money, it Is Invested; People v. Commissioners of Taxes, 23 N. Y. 242.