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 and/or duty:
“Three elements go to make up an idea. The first is its intrinsic quality as a feeling. The second is the energy with which it affects other ideas, an energy which is infinite in the here-and-nowness of immediate sensation, finite and relative in the recency of the past. The third element is the tendency of an idea to bring along other ideas with it.”
—Charles Sanders Peirce (1839–1914)
“Our duty now is to keep alive—to exist. What becomes of a nation if its citizens all die?”
—Dudley Nichols, U.S. screenwriter. Jean Renoir. George Lambert (George Sanders)