21118. (a) If an instrument authorizes a fiduciary to satisfy a pecuniary gift wholly or partly by distribution of property other than money, property selected for that purpose shall be valued at its fair market value on the date of distribution, unless the instrument expressly provides otherwise. If the instrument permits the fiduciary to value the property selected for distribution as of a date other than the date of distribution, then, unless the instrument expressly provides otherwise, the property selected by the fiduciary for that purpose shall fairly reflect net appreciation and depreciation (occurring between the valuation date and the date of distribution) in all of the assets from which the distribution could have been made.
(b) As used in this section, pecuniary gift means a transfer of property made in an instrument that either is expressly stated as a fixed dollar amount or is a dollar amount determinable by the provisions of the instrument.
(Amended by Stats. 2002, Ch. 138, Sec. 27. Effective January 1, 2003.)Section: Previous 21102 21103 21104 21105 21107 21108 21109 21110 21111 21112 21114 21115 21117 21118
Last modified: September 9, 2016