Personal liability of legal representative applies when signing negotiable instruments unless expressly limited to estate assets. A legal representative who signs a promissory note, bill of exchange, or cheque incurs personal liability on that instrument unless the representative expressly restricts liability to the assets received in the estate; to avoid personal exposure the representative must include an unambiguous limitation of liability to estate assets when executing negotiable instruments.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Personal liability of legal representative applies when signing negotiable instruments unless expressly limited to estate assets.
A legal representative who signs a promissory note, bill of exchange, or cheque incurs personal liability on that instrument unless the representative expressly restricts liability to the assets received in the estate; to avoid personal exposure the representative must include an unambiguous limitation of liability to estate assets when executing negotiable instruments.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.