3B:23-1. Distribution of assets in kind
Except where a will authorizes distribution to be made in cash or in kind, the distributable assets of an intestate's estate or testator's estate shall be distributed in kind to the extent reasonably possible through application of the following provisions:
a. A specific devisee is entitled to distribution of the thing devised to him;
b. Any devise payable in money or an intestate share may be satisfied by value in kind provided:
(1) The person entitled to the payment has not demanded payment in cash;
(2) The property distributed in kind is valued at fair market value as of the date of its distribution; and
(3) No residuary devisee has requested that the asset in question remain a part of the residue of the estate.
L.1981, c. 405, s. 3B:23-1, eff. May 1, 1982.
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Last modified: October 11, 2016