§560:3-910 Purchasers 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 lender takes title free of rights of any interested person in the estate and incurs no personal liability to the estate, or to any interested person, whether or not the distribution was proper or supported by court order or the authority of the personal representative was terminated before execution of the instrument or deed. This section protects a purchaser from or lender to a distributee who, as personal representative, has executed a deed of distribution to the distributee's self, as well as a purchaser from or lender to any other distributee or the distributee's transferee. To be protected under this provision, a purchaser or lender need not inquire whether a personal representative acted properly in making the distribution in kind, even if the personal representative and the distributee are the same person, or whether the authority of the personal representative had terminated before the distribution. Any recorded instrument described in this section on which a state documentary fee is noted pursuant to chapter 247 shall be prima facie evidence that such transfer was made for value. [L 1996, c 288, pt of §1]
Section: Previous 560-3-903 560-3-904 560-3-905 560-3-906 560-3-907 560-3-908 560-3-909 560-3-910 560-3-911 560-3-912 560-3-913 560-3-914 560-3-915 560-3-916 560-3-1001 NextLast modified: October 27, 2016