Section 45-3-1005 – Limitations on proceedings against personal representative.
Unless previously barred by adjudication and except as provided in the closing statement, the rights of successors and of creditors whose claims have not otherwise been barred against the personal representative for breach of fiduciary duty are barred unless a proceeding to assert such rights is commenced within six months after the filing of the […]
Section 45-3-1006 – Limitations on actions and proceedings against distributees.
Unless previously adjudicated in a formal testacy proceeding or in a proceeding settling the accounts of a personal representative or unless otherwise barred, the claim of a claimant to recover from a distributee who is liable to pay the claim and the right of an heir or devisee or of a successor personal representative acting […]
Section 45-3-925 – Insulated property; advancement of tax.
A. In this section: (1) “advanced fraction” means a fraction that has as its numerator the amount of the advanced tax and as its denominator the value of the interests in insulated property to which that tax is attributable; (2) “advanced tax” means the aggregate amount of estate tax attributable to interests in insulated property […]
Section 45-3-926 – Apportionment and recapture of special elective benefits.
A. In this section: (1) “special elective benefit” means a reduction in an estate tax obtained by an election for: (a) a reduced valuation of specified property that is included in the gross estate; (b) a deduction from the gross estate, other than a marital or charitable deduction, allowed for specified property; or (c) an […]
Section 45-3-914 – Disposition of unclaimed assets.
If an heir, devisee or claimant cannot be found, the personal representative shall distribute the share of the missing person to his conservator, if any. Otherwise, the personal representative shall sell the share of the missing person and distribute the proceeds to the state treasurer as prescribed by the Uniform Unclaimed Property Act [Chapter 7, […]
Section 45-3-915 – Distribution to person under disability.
A. A personal representative may discharge an obligation to distribute to a minor or person under other disability by distributing in a manner expressly provided in the will or other governing instrument. B. Unless contrary to an express provision in the will or other governing instrument, the personal representative may discharge an obligation to distribute […]
Section 45-3-916 – Repealed.
History: 1953 Comp., § 32A-3-916, enacted by Laws 1975, ch. 257, § 3-916; 1993, ch. 174, § 80; 1978 Comp., § 45-3-916, repealed Laws 2005, ch. 143, § 18. ANNOTATIONS Repeals. — Laws 2005, ch. 143, § 18 repealed 45-3-916, relating to apportionment of estate taxes, effective July 1, 2005. For provisions of former section, […]
Section 45-3-920 – Short title.
Sections 5 through 17 [15] [45-3-920 to 45-3-930 NMSA 1978] of this act may be cited as the “Uniform Estate Tax Apportionment Act”. History: Laws 2005, ch. 143, § 5; 1978 Comp., § 45-9A-1 recompiled as § 45-3-920 by Laws 2011, ch. 124, § 99. ANNOTATIONS Bracketed material. — The bracketed material was inserted by […]
Section 45-3-921 – Definitions.
As used in the Uniform Estate Tax Apportionment Act [45-3-920 to 45-3-930 NMSA 1978]: A. “apportionable estate” means the value of the gross estate as finally determined for purposes of the estate tax to be apportioned reduced by: (1) any claim or expense allowable as a deduction for purposes of the tax; (2) the value […]
Section 45-3-922 – Apportionment by will or other dispositive instrument.
A. Except as otherwise provided in Subsection C of this section, the following rules apply: (1) to the extent that a provision of a decedent’s will expressly and unambiguously directs the apportionment of an estate tax, the tax must be apportioned accordingly; (2) any portion of an estate tax not apportioned pursuant to Paragraph (1) […]