18-C §3-903. Right of retainer
§3-903. Right of retainer The amount of a noncontingent indebtedness of a successor to the estate if due, or its present value if not due, must be offset against the successor’s interest, but the successor has the benefit of any defense that would be available to the debtor in a direct proceeding for recovery of […]
18-C §3-904. Interest on general pecuniary devise
§3-904. Interest on general pecuniary devise General pecuniary devises bear interest at the legal rate of 5% per year beginning one year after the first appointment of a personal representative until payment, unless a contrary intent is indicated in the will. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. […]
18-C §3-905. Penalty clause for contest
§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. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION […]
18-C §3-906. Distribution in kind; valuation; method
§3-906. Distribution in kind; valuation; method 1. Distribution in kind; valuation; distribution of residuary estate. Unless a contrary intention is indicated by the will, the distributable assets of a decedent’s estate must be distributed in kind to the extent possible through application of the following provisions. A. A specific devisee is entitled to distribution […]
18-C §3-907. Distribution in kind; evidence
§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. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, […]
18-C §3-908. Distribution; right or title of distributee
§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 persons interested in […]
18-C §3-909. Improper distribution; liability of distributee
§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 the distributee or claimant […]
18-C §3-910. Purchasers from distributees protected
§3-910. Purchasers from distributees protected If property distributed in kind or a security interest in the property 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 acquired by a purchaser from or lender to a transferee […]
18-C §3-911. Partition for purpose of distribution
§3-911. Partition for purpose of distribution When 2 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 court prior to the formal or informal closing of the estate […]
18-C §3-912. Private agreements among successors to decedent binding on personal representative
§3-912. Private agreements among successors to decedent binding on personal representative Subject to the rights of creditors and taxing authorities, competent successors may agree among themselves to alter the interests, shares or amounts to which they are entitled under the will of the decedent, or under the laws of intestacy, in any way that they […]