Elements of Duty
A fiduciary, such as the administrator, executor or guardian of an estate, may be legally required to file with a probate court or judge a surety bond, called a fiduciary bond or probate bond, to guarantee faithful performance of his duties. One of those duties may be to prepare, generally under oath, an inventory of the tangible or intangible property of the estate, describing the items or classes of property and usually placing a valuation on them.
A bank or other fiduciary having legal title to a mortgage may sell fractional shares to investors, thereby creating a participating mortgage.
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Famous quotes containing the words elements of, elements and/or duty:
“A party of order or stability, and a party of progress or reform, are both necessary elements of a healthy state of political life.”
—John Stuart Mill (1806–1873)
“There surely is a being who presides over the universe; and who, with infinite wisdom and power, has reduced the jarring elements into just order and proportion. Let speculative reasoners dispute, how far this beneficent being extends his care, and whether he prolongs our existence beyond the grave, in order to bestow on virtue its just reward, and render it fully triumphant.”
—David Hume (1711–1776)
“Reinhold Niebuhr observes that the sad duty of politics is to establish justice in a sinful world.”
—Jimmy Carter (James Earl Carter, Jr.)