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Notice to Notice to

Notice to - PowerPoint Presentation

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Uploaded On 2015-11-05

Notice to - PPT Presentation

Creditors Purpose of notice Inform creditors that their debtor is dead so creditors can take steps to get paid 1 Notice to Comptroller of Public Accounts Authority PC 294a EC 308051a2 ID: 183533

receipt notice creditors return notice receipt return creditors mail unsecured postage cost 308 comptroller claim authority general method secured

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Presentation Transcript

Slide1

Notice toCreditorsSlide2

Purpose of noticeInform creditors that their debtor is dead so creditors can take steps to get paid.Slide3

1. Notice to Comptroller of Public AccountsAuthority

PC § 294(a)

EC § 308.051(a)(2)Slide4

1. Notice to Comptroller of Public AccountsWhen?

Within one month of receiving lettersSlide5

1. Notice to Comptroller of Public AccountsCondition

Only if decedent remitted (or should have remitted) taxes administered by the comptroller.

Advice = give notice regardlessSlide6

1. Notice to Comptroller of Public AccountsMethod

Certified mail

$3.10 plus postage cost

Registered mail

$11.20 (if no $ value on package) plus postage costSlide7

2. General Notice to CreditorsAuthority

PC § 294(a)

EC § 308.051(a)(2)Slide8

2. General Notice to CreditorsWhen?

Within one month of receiving lettersSlide9

2. General Notice to CreditorsMethod

Publication in newspaper in county where letters issued.Slide10

2. General Notice to CreditorsSampleSlide11

3. Secured ClaimantsAuthority

PC § 295

EC § 308.053

Examples

Mortgage on real property

Lien against real property (e.g., unpaid property taxes)

Security interest (Article 9

UCC

)Slide12

3. Secured ClaimantsWhen?

Within 2 months of receiving notice, or

Within a reasonable time after learning of the secured claim, if learn of claim after the two month period.Slide13

3. Secured ClaimantsMethod

Certified mail, return receipt requested

$3.10

$2.55 physical return receipt or $1.25 electronic return receipt

Postage cost

Registered mail, return receipt requested

$11.20 (if no $ value on package)

$2.55 physical return receipt or $1.25 electronic return receipt

Postage costSlide14

4. Unsecured ClaimsAuthority

PC § 294(d)

EC § 308.054

Examples:

Credit cards

Utilities

ServicesSlide15

4. Unsecured ClaimsOptional

The PR is under no duty to “help out” the unsecured creditors other than by publishing notice.Slide16

4. Unsecured Claims“Reward” for giving notice

Unsecured creditor must present claim within four months.

If not, claim is forever barred, even if the

SoL

has not run!!

Term of art = Non-claim statuteSlide17

4. Unsecured Claims

Method

Certified mail, return receipt requested

$

3.10

$2.55 physical return receipt or $1.25 electronic return receipt

Postage

cost

Registered

mail, return receipt requested

$11.20 (if no $ value on package

)

$2.55 physical return receipt or $1.25 electronic return receipt

Postage costSlide18

Penalty for not giving required noticesAuthority

PC § 297

EC § 308.056

PR is personally liable for all damages the creditor suffers due to the failure to give proper notice.