Generally speaking, any creditors of a decedent at the time of his death can file a claim against the decedent's estate. The executor of the estate has a duty to pay any creditors that make a legitimate claim against the estate before distributing assets to the decedent's heirs. The process the estate goes through probate and how creditors are allowed to file claims is governed by state law.
This form is a settlement of certain claims against the estate.
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Stat. § 59-1504. Whenever a decedent by will makes a provision for the compensation of his or her executor, that shall be taken as such executor's full compensation, unless the executor files a written instrument, renouncing all claim to the compensation provided for in the will.
Creditors have a certain time frame, typically four months from the date of appointment of the executor or administrator, to file their claims for payment. If the estate has enough assets, the debts are paid. If not, creditors are generally paid on a pro-rata basis.
Encumbrances. An encumbrance is a claim against a property by a party that is not the owner. An encumbrance can affect the transferability of the property and restrict its free use. Encumbrances are not necessarily monetary, but they also include property use restrictions or easements.
Monetary Encumbrance means an Encumbrance, which secures any obligation to pay a sum of money, whether or not definite in amount, including, without limitation, any Encumbrance affecting a parcel of real property that secures (i) an outstanding obligation of any of the Companies under any mortgage, deed of trust or ...
A pledge arises where there is a delivery of goods to a creditor for the purpose of securing a debt due to him by their owner. A lien is a right to retain goods to secure payment. Both a pledge and lien involve a bailment. The pledgee and lienee are bailees and have the obligations of a bailee.
Liabilities are the creditors claims to the assets of the business/property.
For example, if you take out a mortgage to purchase the property, the lender will place a caveat on the property title to secure their interest in the property. Additionally, if you fail to pay taxes or debts associated with the property, a lien or encumbrance may be placed on the property.
A lien is a claim or legal right against assets that are usually used as collateral to satisfy a debt. The creditor may be able to seize the asset that is the subject of the lien. Bank, real estate, and tax are three types of liens.
