§ 53-2-101 - (Pre-1998 Probate Code) Meaning of bequest of residuum; payment of debts and expenses therefrom; procedure when residuum insufficient; liability of realty and personalty for payment of - Georgia Statutes

O.C.G.A. 53-2-101 (2010)
53-2-101. (Pre-1998 Probate Code) Meaning of bequest of residuum; payment of debts and expenses therefrom; procedure when residuum insufficient; liability of realty and personalty for payment of debts

(a) Unless otherwise provided in the will, a bequest of the residuum or any part thereof, including a bequest to a surviving spouse in lieu of year's support, shall be deemed a bequest of the net residuum or part thereof remaining after all debts and expenses of administration, including taxes, have been paid. Unless otherwise directed, the debts of a testator should be paid out of the residuum.

(b) If the residuum proves to be insufficient for the payment of the testator's debts and the expenses of administration, then general legacies shall abate pro rata to make up the deficiency. If the general legacies are insufficient, then specific legacies shall abate in the same manner. If the executor has assented to the legacies and the legatees are in possession, the creditor may proceed against each legatee for his pro rata share after he has exhausted the assets in the hands of the executor.

(c) For the payment of debts, realty and personalty shall be equally liable.