Future claims; payment; bonds
Sec. 3. Upon proof of a claim which will become due at some
future time, the court shall allow it at the present value thereof, and
payment may be made as in the case of an absolute claim which has
been allowed: Provided, if the obligation upon which such claim was
founded was entered into before January 1, 1954, payment may be
made as above, if the creditors agree thereto. If payment is not made
as above provided, the court may order the personal representative
to retain in his hands sufficient funds to satisfy the claim upon
maturity; or if the distributees shall give a bond to be approved by
the court for the payment of the creditor's claim in accordance with
the terms thereof, the court may order such bond to be given in
satisfaction of such claim and the estate may be closed.
(Formerly: Acts 1953, c.112, s.1403.) As amended by Acts 1982,
P.L.171, SEC.36.
Last modified: May 27, 2006