Inventory

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Inventory

An itemized list of property that contains a description of each specific article.

Inventory of a company, for example, is the annual account of stock taken in the business, or the quantity of goods or materials in stock. The term is also used to describe a list made by the executor or administrator of the estate of a deceased individual.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

INVENTORY. A list, schedule, or enumeration in writing, containing, article by article, the goods and chattels, rights and credits, and, in some cases, the lands and tenements, of a person or persons. In its most common acceptation, an inventory is a conservatory act, which is made to ascertain the situation of an intestate's estate, the estate of an insolvent, and the like, for the purpose of securing it to those entitled to it.
     2. When the inventory is made of goods and estates assigned or conveyed in trust, it must include all the property conveyed.
     3. In case of intestate estates, it is required to contain only the personal property, or that to which the administrator is entitled. The claims due to the estate ought to be separated; those which are desperate or had ought to be so returned. The articles ought to be set down separately, as already mentioned, and separately valued.
     4. The inventory is to be made in the presence of at least two of the creditors of the deceased, or legatees or next of kin, and, in their default and absence, of two honest persons. The appraisers must sign it, and make oath or affirmation that the appraisement is just to the best of their knowledge. Vide, generally, 14 Vin. Ab. 465; Bac. Ab. Executors, &c., E 11; 4 Com. Dig. 14; Ayliffe's Pand. 414; Ayliffe's Parerg. 305; Com. Dig. Administration, B 7; 3 Burr. 1922; 2 Addams' Rep. 319; S. C. 2 Eccles. R. 322; Lovel. on Wills; 38; 2 Bl. Com. 514; 8 Serg. & Rawle, 128; Godolph. 150, and the article Benefit of Inventory.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
For more information, visit the NICA website at https://www.nationalinventorycertificationassociation.com/national-home-inventory-month/ or Palmer Home and Business Inventory Professionals' website at https://palmerinventorypros.com/.
For more information, visit the NICA website at http://nationalinventorycertificationassociation.com or Palmer Home and Business Inventory Professionals, LLC's website at http://wwwPHBInventoryPros.com.
After having picked up considerably in September, the pace of business inventory investment in October remained above that recorded earlier in the summer.
Insurance agents are encouraging policyholders to have a home or business inventory. Estate attorneys refer inventory professionals to their executor clients to complete the emotional estate inventory task.
A surge in nonfarm business inventory investment accounted for a substantial portion of the acceleration in output in the first quarter, and an anticipated moderation in the accumulation of inventories was an important element in forecasts of greatly reduced economic growth in the current quarter.
Analysts expect a 0.3% (was 0.4%) May business inventory rise after a 0.5% April gain.
Alpharetta, GA, November 24, 2017 --(PR.com)-- The National Inventory Certification Association (NICA) is pleased to announce that Tina Taylor, owner of Home and Business Inventory Consultants, has recently earned the designation of Certified Inventory Specialist (CIS).
Business inventory investment picked up sharply in October from the slow September pace, but total stocks remained at a low level in relation to sales.

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