ADVANCEMENT. A gift by anticipa tion from a parent to a child of the whole or a part of what it is supposed such child would inherit on the death of the parent. 6 Watts, Penn. 87; 4 Serg. & R. Penn. 333 ; 17 Mass. 358; 11 Johns. N. Y. 91; Wright, Ohio, 333.
An advancement can be made only by a parent to a child, 5 Miss. 356; 2 Jones, No. C. 137; or in some states, by statute, to a grandchild, 4 Kent, Comm. 419; 4 Watts, Penn. 82; 4 Yes. Ch. 437.
The intention of the parent is to &Ile whether a gift is intended as an advance ment. 23 Penn. St. 85; 11 Johns. N.Y. 91; 2 M'Cord, Ch. So. C. 103; see 26 Vt. 665.
A mere gift is presumptively an advance ment, but the contrary intention may be shown. 22 Ga. 574; 8 Ired. No. C. 121; 18 Ill. 167; 3 Jones, No. C. 190; 3 Conn. 31; 6 id. 356; 1 Mass. 527. The maintenance and education of a child, or the gift of money without a view to a portion or settlement in life, is not deemed an advancement. 5 Rich, Eq. So. C. 15 ; 23 Conn. 516. If security is taken for repayment, it is a debt and not an advancement. 21 Penn. St. 283; 29 id. 298; 23 Ga. 531; 2 Patt. & H. Va. 1; 22 Pick. Mass. 508 ; and see 17 Mass. 93, 359; 2 Harr. & G. Md. 114.
2. No particular formality is requisite to indicate an advancement, stat. 22 & 23 Car.
II. e. 10; 1 Maddox, Chanc. Prac. 507; 4 Kent, Comm. 418; 16 Vt. 197; unless a par ticular form of indicating such intention is prescribed by statute as requisite. 4 Kent, Comm. 418 ; 1 Gray, Mass. 587; 5 id. 341; 5 R. I. 255, 457.
The effect of an advancement is to reduce the distributive share of the child by the amount so received, estimating its value at the time of receipt, 1 Serg. & R. Penn. 422; 21 Mo. 347; 3 Yerg. Tenn. 112; 5 Harr. &J. Md. 459; 1 Wash. Va. 224; 3 Pick. Mass. 450; 3 Rand. Va. 117; 2 Hayw. No. C. 266; but adding interest in some cases, 2 Watts, Penn. 314; 12 Gratt. Va. 33; yet in some states the child has his option to retain the advancement and abandon his distributive share, 9 Dan. Ky. 193; 4 Ala. N. s. 121; to abandon his advancement and receive hie equal share of the estate, 12 Gratt. Va. 33; 15 Ala. N. s. 85; 26 Miss. 592; 28 id. 674; 18 111. 167; but this privilege exists only in case of intestacy. 1 Hill, Ch. So. C. 10; 3 Yerg. Tenn. 95 ; 3 Sandf. Ch. N. Y. 520; 5 Paige, Ch. N. Y. 450; 7 Ohio, 432; 14 Yes.
Ch. 323. See ADEMPTION.