An exercitor is an individual who temporarily possesses a ship and collects its earnings. This individual can be the owner, charterer, or mortgagee of the ship. The shipmaster is entrusted with exercitorial power to oversee the ship’s management. Exercitor is also referred to as exercitor maris or exercitor navis. In the past, an exercituale was a form of payment made exclusively in military equipment.
Exercitor, also known as exercitor maris or exercitor navis, is a legal term in civil law that refers to the individual who temporarily possesses a ship and collects its profits. This individual can be the ship’s owner, charterer, or mortgagee. The term is similar to the concept of a ship’s husband. For instance, if John owns a ship and leases it to a shipping company for a year, the shipping company becomes the exercitor of the ship and receives its profits during that time. Similarly, when a bank lends money to a shipping company to purchase a ship, the bank becomes the mortgagee and exercitor of the ship until the loan is repaid. These examples demonstrate how the term exercitor is used to describe the person who temporarily possesses a ship and collects its profits, whether they are the owner, charterer, or mortgagee. This term holds significance in civil law as it determines the individual responsible for the ship and its operations during the ownership period.
An exercitor is a legal term referring to a person appointed to administer the estate of a deceased individual, also known as an executor or personal representative.
An exercitor is typically appointed through a valid will, where the deceased individual designates a specific person to act as their executor. If there is no will, the court may appoint an exercitor based on state laws of intestacy.
The responsibilities of an exercitor include gathering and managing the deceased person’s assets, paying off debts and taxes, distributing the remaining assets to beneficiaries as per the will or state laws, and handling any legal proceedings related to the estate.
Yes, an exercitor can be removed or replaced under certain circumstances. This may occur if they fail to fulfill their duties, act against the best interests of the estate, or if beneficiaries or interested parties petition the court for their removal.
Yes, an exercitor can be held personally liable for mistakes or mismanagement if they breach their fiduciary duty or act negligently. However, they are generally protected if they act in good faith and with reasonable care.
Yes, an exercitor is entitled to reasonable compensation for their services. The amount is usually determined by state laws or the terms of the will, but it can also be negotiated among the parties involved.
Yes, an exercitor can also be a beneficiary of the estate. However, it is important for them to act impartially and avoid any conflicts of interest to ensure fair distribution of assets.
Yes, beneficiaries or interested parties can petition the court to remove an exercitor if they are not fulfilling their duties or acting in the best interests of the estate. The court will evaluate the situation and make a decision based on the evidence presented.
Yes, an exercitor can be held accountable for any wrongdoing, such as embezzlement, fraud, or misappropriation of assets. Legal action can be taken against them, and they may face civil and criminal penalties if found guilty.
Yes, an exercitor can be challenged in court if there are valid reasons to believe they are not fulfilling their duties or are acting against the best interests of the estate. Beneficiaries or interested parties can file a lawsuit to seek appropriate remedies or changes in the administration of the estate.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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