INVENTION OF THE CROSS. See CROSS, INVENTION or THE.
(from Lat, inerntarium. list, from Lat. inrcnire, to find, from in, in + venire, to come; connected with t:k. platpay, baincin, Skt, gam, to go, and ultimately with Eng. come). A written instrument setting forth in the form of a systematic schedule all the goods, chattels, and other personal property of a person or estate, whether for use in a legal proceeding or for ordinary commercial purposes. The term and the legal practice connected with its use originated in the reform of the Nonion law instituted by Justinian to relieve the heir of a deceased person from his personal liability. in order to relieve thin heir, and at the same time to protect creditors and legatees. a was enacted under which the heir was relieved of all liability fur the debts and legaeies of his ancestor. excepting in so far as the property inherited by him W1/11111 enable him to dis charge the same. provided that within a certain he should duly prepare and file a written in strument a eorreet enumeration of all property. real and personal. left by the deceased. If there was a surplus the heir was required to distribute it. See 11 FAR.
about two centuries after the Norman Conquest, the identification of heir and ancestor was as complete under the English law as it bad been under the noman law before the above-men tioned reforms of Justinian, About that time, partially through the influence of the Roman law, the heir's liability was limited to the amount of property descending to him; executors or administrators superseded him for the purpose of administration of his ancestor's estate, and the Roman practice of making an inventory of the assets of the estate was introduced. This plan was probably adopted more for the practical advantage of pelting the personal representa tives of the deceased to commit themselves at the outset as to the amount and character of property coming into their hands, than as a means of relieving the heir from liability, as that reform had apparently already been accom plished. The ecclesiastical courts assumed juris
diction of estates, and inventories of the personal property were required to be filed in these courts. where they were open to the inspection of all persons interested therein. This practice is sub stantially followed to-day. The inventory usually contains a list of all the personal property of the decedent, with the appraised value set op posite each item, as well as a schedule of his debts and liabilities, the executor or administra tor certifying by oath or affirmation that the whole is true to the best of his knowledge and belief, and attached is a sworn statement of the appraisers to the effect that they have faith fully and carefully performed their duties. It is filed in the court having jurisdiction of decedents' estates, and may be examined by the heirs, next of kin. legatees, and creditors of the deceased, who may object to it if anything is omitted or improperly entered. After the in ventory is filed, the executor or administrator becomes accountable for the disposition or dis tribution of every item set forth therein, and it is therefore a most efficient means of insuring the honest administration of estates.
The term inventory is also properly employed to designate the lists of assets prepared by the trustees of bankrupts' or insolvents' estates, and by guardians of infants or other legally incom petent persona, for the information of the court having jurisdiction over them, and for con venience in the discharge of their fiduciary duties. The same publicity as in ease of dece dents' estates is obtained by filing and oppor tunity for examination. See ESTATE; EXECUTOR.