Missouri Laws 473.620 – Order in which assets are appropriated — abatement
1. When it is necessary that there be an abatement of the shares of the distributees, they shall, subject to the provisions of the will, abate, without any preference or priority as between real and personal property, in the following order:
(1) Property not disposed of by the will;
Terms Used In Missouri Laws 473.620
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Devise: To gift property by will.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Legacy: A gift of property made by will.
- Property: includes real and personal property. See Missouri Laws 1.020
- Testator: A male person who leaves a will at death.
(2) Residuary devises;
(3) General legacies;
(4) Specific devises.
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A general legacy charged on any specific property or fund for the purposes of this section is deemed property specifically devised to the extent of the value of the thing on which it is charged. Upon the failure or insufficiency of the thing on which it is charged, it is deemed a general legacy to the extent of such failure or insufficiency.
2. Subject to the provisions of the will, and to section 473.623, devises of the same class shall abate proportionately.
3. If the provisions of the will or the testamentary plan or the express or implied purpose of the devise would be defeated by the order of appropriation and application prescribed by subsection 1 hereof, the property of the testator shall be apportioned in the manner found necessary to give effect to the intention of the testator.