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executor
(redirected from executory)

   Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia, Hutchinson 0.01 sec.
Executor
An individual or trust institution nominated in a will and appointed by a court to settle the estate of a deceased person.

executor

One named in a will to fulfill the wishes of a decedent regarding the disposition of assets. Today, the word refers to both males and females serving in that capacity. At one time, executor referred only to males,and the female was called an executrix.



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The general cited specific examples used at Tinker in both the preparatory and executory phases.
The employees retained legal title to the property; there was no intention to transfer ownership; the sales contracts were executory in nature, only executed if the property were not sold to a third party within a year; and the employee received any profits beyond the original contract price.
FASB plans to spend the rest of this summer assessing several key issues: defining when contract performance has occurred, identifying a unit of account for partially executory revenue contracts, determining when performance obligations should be measured for nonperformance-related events, considering the measurement of contract assets and discussing a revised definition of revenue and how to distinguish revenue from other components of comprehensive income.
 
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