executor

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Executor

An individual or trust institution nominated in a will and appointed by a court to settle the estate of a deceased person.

Executor/Executrix

A person who administers the estate of a deceased person. The executor (if male) or executrix (if female) is responsible for gathering all of the decedent's assets and giving them to the appropriate beneficiaries. He/she is often a family member or lawyer who is either appointed in the decedent's will or by a court. The executor/executrix has a fiduciary responsibility to act on behalf of the decedent and to fulfill, as closely as possible, the wishes set forth in the will. Persons under 18 and convicted felons cannot serve as executors.

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.

References in periodicals archive ?
Generally, Bankruptcy Code [section] 365(c) precludes assumption (and, accordingly, subsequent assignment) of an executory contract only if applicable law precludes assignment and the other party to the contract does not consent.
When an executory contract cannot be assigned under applicable nonbankruptcy law, it may not be assumed or assigned by a debtor-in-possession without the permission of the other contracting party.
Restraining the executory suspension of the erring commissioners may be interpreted as undue interference on the powers and independence of the Office of the Ombudsman, as well as the Office of the President.
Executory Contracts and the Contact Assumption Defense
As previously mentioned, the Code allows a debtor-in-possession or bankruptcy trustee to reject executory contracts.
All leases do not merely transfer ROUs; there is no step in the ROU approach to analyze the contractual rights and obligations and to separate leases by their legal nature--that is, either capital leases (rights of ownership [ROO] leases) or executory contracts (ROU leases).
Some critics, however, object to any distinction at all between capital and operating leases because they believe that all executory contracts should be recognized on the financial statements, preferably at fair value, and that operating leases are an excellent place to start.
The verdict of the Supreme People's Court of China is final and executory and it will do everything to assist the family of the convicted Filipino national," the DFA said.
Some of the topics to be covered in break-out sessions include means testing, section 363 sales, single-asset real estate cases, tax issues, executory contracts, discharge of debt, and e-discovery issues.
In simple terms, executory contracts are agreements that have not yet been completely performed.