75-2b-107. Purchaser for value or lender.
- (1) If a surviving spouse has apparent title to property to which this chapter applies, a purchaser for value or a lender taking a security interest in the property, takes the purchaser or lender’s interest in the property free of any rights of the personal representative or an heir or devisee of the decedent.
- (2) If a personal representative or an heir or devisee of the decedent has apparent title to property to which this chapter applies, a purchaser for value or a lender taking a security interest in the property takes the purchaser or lender’s interest in the property free of any rights of the surviving spouse.
- (3) A purchaser for value or a lender need not inquire whether a vendor or borrower acted properly.
- (4) The proceeds of a sale or creation of a security interest shall be treated in the same manner as the property transferred to the purchaser for value or a lender.
Enacted by Chapter 132, 2012 General Session