Assets and Obligations at Time of Death
Each party who is the prospective beneficiary in a contract with an
individual (in this section, this individual is identified as the
``decedent'') is entitled to recompensation if that individual dies or
becomes by injury permanently incapable of performing in
accordance with the terms of the contract.
Recompensation can be by delivery of the current MMSE, or through any
settlement method specified in the contract. When a settlement method
other than the MMSE is available, the beneficiary must accept it and
cannot demand an MMSE settlement. The party currently in custody of
an item, the delivery of which constitutes full settlement of a
contract, can at his discretion settle the contract with an MMSE,
which the beneficiary must accept as full settlement.
Any party who is the beneficiary in a contract with the decedent, and
who is also party to a contract in which the decedent is the
beneficiary, must assign the MMSE's of those contracts in which the
decedent is the beneficiary to the settlement of those contracts in
which the decedent is not the beneficiary, provided that any
settlement agreement reached by the beneficiary and the estate of the
decedent takes precedence.
When no specified settlement method is feasible other than delivery of
the MMSE, settlement must be accepted in the form of (1) monetary
metals or contractual currency at market rates, or (2) designation of
the beneficiary as the beneficiary of a pre-existing contract between
the decedent and another party in which the decedent was the
beneficiary, or (3) reassignment of the material or land assets of the
decedent at fair market value, or (4) through designation of the
beneficiary as the beneficiary of a pre-existing contract between two
parties in which the beneficiary party became party to the contract as
the result of a gift by the decedent, or (5) through reassignment to
the recipient of a gift or gifts given by the decedent, of a
contractual obligation of the decedent, only if the recipient received
the gift or gifts after this contractual obligation was originally
incurred, and only if the MMSE of the reassigned obligation is equal
to or less than the market value of the gift or gifts.
When multiple beneficiaries seek recompensation, settlement must give
priority to a contract signed at an earlier time. Settlement of a
more recently signed contract cannot commence until all earlier
contracts have been settled.
Recompensation must proceed first through untransferred assets (assets
held by the debtor at the time of his death) and then through
transferred assets (assets transferred by the debtor to others before
his death). Within a class of assets (transferred or untransferred),
recompensation must first proceed through monetary and other fungible
assets, thence to assets without sentimental value, thence to
reassignment of contractual beneficence, and finally to assets with
sentimental value. Only after all of these avenues of recompensation
have been exhausted can there be a reassignment of contractual
obligation. The declaration of sentimental value is performed by the
prospective inheritors or recipients on the bases of their choice.
The inheritors or recipients can, at any time, volunteer currency
equal to the fair market value of an item, which the beneficiary of an
obligation must accept in lieu of the non-fungible asset.
Obligations which cannot thereby be settled or reassigned are nullified.
In the presence of a will, those assets which remain after settlement
of obligations are assigned according to the will, with the designated
beneficiaries exercising discretion (before settlement begins)
regarding preferred form of obligation settlement as though it had
already been transferred as a gift. In the absence of a will,
remaining assets are assigned wholly to the partner, or in the absence
of a partner, divided evenly among the genetically closest tier of
relatives giving preference to the younger and closer tiers.
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