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) […]
Section 45-3-904 – Interest on general pecuniary devise.
General pecuniary devises bear interest at five percent per annum beginning one year after the first appointment of a personal representative until payment, unless a contrary intent is indicated by the will or unless distribution is withheld under the provisions of a court order upon a showing of good cause by the personal representative. History: […]
Section 45-3-905 – Penalty clause for contest.
A provision in a will purporting to penalize any interested person for contesting the will or instituting other proceedings relating to the estate is unenforceable if probable cause exists for instituting proceedings. History: Laws 1975, ch. 257, § 3-905; repealed and reenacted by Laws 2016, ch. 69, § 718. ANNOTATIONS Repeals and reenactments. — Laws […]
Section 45-3-906 – Distribution in kind; valuation; method.
A. Unless a contrary intention is indicated by the will, the distributable assets of a decedent’s estate shall be distributed in kind to the extent possible through application of the following provisions: (1) a specific devisee is entitled to distribution of the thing devised to him, and a spouse or child who has selected particular […]
Section 45-3-907 – Distribution in kind; evidence.
If distribution in kind is made, the personal representative shall execute an instrument or deed of distribution assigning, transferring or releasing the assets to the distributee as evidence of the distributee’s title to the property. History: 1953 Comp., § 32A-3-907, enacted by Laws 1975, ch. 257, § 3-907. ANNOTATIONS Official comments. — See Commissioners on […]
Section 45-3-908 – Distribution; right or title of distributee.
Proof that a distributee has received an instrument or deed of distribution of assets in kind, or payment in distribution, from a personal representative is conclusive evidence that the distributee has succeeded to the interest of the estate in the distributed assets, as against all interested persons. However, the personal representative may recover the assets […]
Section 45-3-909 – Improper distribution; liability of distributee.
Unless the distribution or payment no longer can be questioned because of adjudication, estoppel or limitation, a distributee of property improperly distributed or paid, or a claimant who was improperly paid, is liable to return the property improperly received and its income since distribution if he has the property. If he does not have the […]
Section 45-3-910 – Purchases from distributees protected.
If property distributed in kind or a security interest therein is acquired for value by a purchaser from or lender to a distributee who has received an instrument or deed of distribution from the personal representative, or is so acquired by a purchaser from or lender to a transferee from such distributee, the purchaser or […]
Section 45-3-911 – Partition for purpose of distribution.
A. When two or more heirs or devisees are entitled to distribution of undivided interests in any real or personal property of the estate, the personal representative or one or more of the heirs or devisees may petition the district court prior to the formal or informal closing of the estate to make partition. B. […]