Satisfaction of Debts

  1. Law
  2. Georgia Code
  3. Wills, Trusts, and Administration of Estates
  4. Administration of Estates Generally
  5. Claims Against or in Favor of Estate
  6. Satisfaction of Debts

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Except as otherwise provided by the will, any debt not due by its terms at the time for payment of debts of equal priority shall be satisfied and the estate shall be discharged with respect to such debt in such manner as the personal representative deems to be in the best interest of the estate in accordance with the following rules:

  1. The debt may be prepaid in accordance with the terms of any right to prepay;
  2. By agreement with the creditor, the debt may be satisfied before it is due by the payment of an amount representing the agreed present value of the debt;
  3. By agreement with the creditor, the debt may be assumed by one or more heirs or beneficiaries or by any other person; and
  4. By agreement with the creditor, or by order of the probate court after notice to the creditor and a hearing, arrangement for future payment may be made by creating a trust, giving a deed to secure debt or security interest, obtaining a bond or other security from one or more heirs or beneficiaries, or otherwise.

(Code 1981, §53-7-44, enacted by Ga. L. 1996, p. 504, § 10.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 31 Am. Jur. 2d, Executors and Administrators, §§ 391, 392, 476, 479 et seq., 484, 509, 650, 1133, 1166 et seq., 1175.

C.J.S.

- 34 C.J.S., Executors and Administrators, §§ 218, 236, 237.

ALR.

- Power of court to authorize compromise of infants' rights in controversies over estates or property, 33 A.L.R. 105.

Right of attorney whose selection is directed or suggested by will, against estate or personal representative, 166 A.L.R. 491.

Power and responsibility of executor or administrator to compromise claim due estate, 72 A.L.R.2d 191.

Tort claim as within nonclaim statutes, 22 A.L.R.3d 493.

Amount of claim filed against decedent's estate as limiting amount recoverable in action against estate, 25 A.L.R.3d 1356.

Liability of executor or administrator, or his bond, for loss caused to estate by act or default of his agent or attorney, 28 A.L.R.3d 1191.


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