Secundum vires inventarii, a Latin phrase employed in legal history, denotes the valuation or measurement of something in accordance with the inventory’s extent. Put simply, it signifies that the value of something is determined by what is listed in an inventory.
Secundum vires inventarii, a Latin legal term, refers to the distribution or allocation of assets based on the extent of an inventory. When a person passes away, their assets are typically listed in an inventory. If a court decides to distribute these assets among the heirs, it may do so secundum vires inventarii, meaning that each heir will receive a portion of the assets in accordance with the inventory. This term is also applicable in bankruptcy proceedings. In such cases, a bankrupt company’s assets are listed in an inventory, and the creditors may be paid secundum vires inventarii, entitling them to a portion of the assets based on the inventory’s extent. These examples demonstrate the diverse applications of secundum vires inventarii, whether it involves distributing assets among heirs or compensating creditors in a bankruptcy scenario.
Secundum Vires Inventarii is a Latin term that translates to “according to the powers of the inventory.” It refers to the authority granted to an executor or administrator of an estate to act within the limits of the assets listed in the inventory.
The power of Secundum Vires Inventarii is typically granted to the executor or administrator of an estate. This person is responsible for managing and distributing the assets of the deceased according to the terms of the will or applicable laws.
The power of Secundum Vires Inventarii is limited to the assets listed in the inventory of the estate. The executor or administrator cannot exceed the value or scope of the assets mentioned in the inventory when making decisions or distributing the estate.
No, the executor or administrator must strictly adhere to the powers granted under Secundum Vires Inventarii. Going beyond these powers may result in legal consequences and potential liability for the executor or administrator.
The inventory of an estate is typically determined through a thorough assessment of the deceased’s assets, including real estate, bank accounts, investments, personal property, and any other valuable possessions. This inventory is crucial in establishing the scope of the executor’s or administrator’s powers.
Yes, the inventory can be challenged if there are suspicions of inaccuracies or omissions. Interested parties, such as beneficiaries or creditors, may file a petition with the court to contest the inventory and request a review or revision.
If the executor or administrator exceeds the powers granted under Secundum Vires Inventarii, interested parties may file a petition with the court to challenge their actions. The court may then intervene and take appropriate measures to rectify any breaches or misconduct.
In some cases, the powers of Secundum Vires Inventarii can be modified through a court order. This may occur if there are compelling reasons to expand or restrict the executor’s or administrator’s authority, such as changes in circumstances or disputes among interested parties.
If the inventory is found to be incomplete or inaccurate, interested parties may request a revision or supplementation. The court may order the executor or administrator to provide a more comprehensive and accurate inventory to ensure fair distribution of the estate.
In certain circumstances, the court may revoke the powers of Secundum Vires Inventarii if the executor or administrator is found to be unfit or has engaged in fraudulent or negligent behavior. This revocation may result in the appointment of a new executor or administrator to properly manage 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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