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MRL3701 ASSIGNMENT 1 SEMESTER 1 – 2024 (686262)

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MRL3701 ASSIGNMENT 1 SEMESTER 1 – 2024 (686262) DUE DATE: 14 MARCH 2024 Question 1: (5 marks) Indicate whether the following statements are TRUE (T) or FALSE (F) and provide a reason or explanation for your answer. a. An act of insolvency committed by a spouse married in community of ...

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  • March 13, 2024
  • March 13, 2024
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MRL3701
ASSIGNMENT 1
SEMESTER 1
DUE DATE: 14 MARCH

6
2024


"Elevate Your Excellence: Where Distinction Meets Assurance in Every Assignment!"

,MRL3701 ASSIGNMENT 1 SEMESTER 1 – 2024 (686262)
DUE DATE: 14 MARCH 2024




1

, QUESTION 1.
Indicate whether the following statements are TRUE (T) or FALSE (F) and provide a reason
or explanation for your answer.
a. An act of insolvency committed by a spouse married in community of property
operates as an act of insolvency by the guilty spouse.
FALSE.
Explanation:
It is considered an act of insolvency by both spouses.


Source: Hockly’s 3.1.2 (i)


In a marriage in community of property, the spouses share a joint estate. This means all
assets and liabilities acquired during the marriage belong to both spouses collectively.
Therefore, any act of insolvency committed by one spouse automatically affects the other
because it affects the entirety of the joint estate.
This principle is outlined in Hockly’s Law of Insolvency, which states that an act of insolvency
committed by a spouse in a marriage in community of property operates as an act of
insolvency by both spouses, and is therefore a good basis for sequestration of the joint
estate.
When one spouse in a community of property marriage commits an act of insolvency, it's
treated as an act of insolvency by both spouses because their estate is treated as one entity
for legal purposes. This has significant consequences, as the entire joint estate becomes
vulnerable to creditors in the event of sequestration (a legal process where assets are
liquidated to settle debts).




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