North Carolina General Statutes 28A-23-1. Settlement after final account filed
Terms Used In North Carolina General Statutes 28A-23-1
- Collector: means any person authorized to take possession, custody, or control of the personal property of the decedent for the purpose of executing the duties outlined in N. See North Carolina General Statutes 28A-1-1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Personal representative: includes both an executor and an administrator, but does not include a collector. See North Carolina General Statutes 28A-1-1
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
When the personal representative or collector has paid or otherwise satisfied or provided for all claims against the estate, has distributed the remainder of the estate pursuant to N.C. Gen. Stat. § 28A-22-1 and has filed the personal representative’s or collector’s final account for settlement pursuant to N.C. Gen. Stat. § 28A-21-2, if the clerk of superior court, after review of the personal representative’s or collector’s final account, approves the same, the clerk of superior court shall enter an order discharging the personal representative or collector from further duties and liabilities as personal representative or collector, including those set forth in Article 13 of this Chapter. However, that such an order shall not include a release or discharge of liability for any breach of duty set forth in N.C. Gen. Stat. § 28A-13-10(c). (1973, c. 1329, s. 3; 1977, c. 446, s. 1; 2011-344, s. 4.)