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Duties of PRs Flashcards

(9 cards)

1
Q

what are PRs duties?

A
  • duty to collect in & administer the estate
  • duty to pay debts with due diligence
  • duty to invest
  • duty to provide inventory and account
  • statutory duty of care
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2
Q

what does the duty of collecting in involve?

A

o Identifying D’s liabilities and assets
o Obtaining payment of any debts due to D
o Gain control of assets (and convert to money where appropriate)

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3
Q

what does the duty of administering in involve?

A

o Maintaining the assets
o Pay D’s debts
o Distribute the estate

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4
Q

who do PRs owe the duty to collect in and administer to?

A

Bs and creditors

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5
Q

what happens if the PRs fail to pay debts with due dilligence?

A

PRs will be liable for any loss incurred as a result of the breach (i.e. interest charged for late payment)

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6
Q

when does the duty to invest arise?

A

when assets will not be distributed for sometime

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7
Q

explain the duty to provide inventory and account

A

PRs must keep estate accounts and these should be made available for inspection following a request from B or a creditor

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8
Q

what can Bs/creditors do they PRs fail to provide accounts?

A

If PRs refuse or the accounts are unclear/inaccurate, B/creditor can apply to the court for an inventory or account

NB: there is no duty to disclose other documents. This is at the PRs discretion, but B could apply to the court.

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9
Q

when does the statutory duty of care arise? explain this duty

A

PRs can exercise the same powers as trustees listed under Sch. 1 Trustee Act 2000:
o Power of investment
o Power of acquisition of land
o Power to appoint an agent
o Power to insure

PRs (and trustees) are bound by the statutory duty of care when exercising these powers, i.e.:
o Exercise reasonable skill & care in the circumstances
o Professional PR  any special knowledge it is reasonable to expect them to have

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