§ 28-40-115 — Contest of will - Rights of persons acquiring interest in property prior to filing of objections

Arkansas § 28-40-115

• Jurisdiction: Arkansas
• Title: 28

Text

(a) If, prior to the filing of an objection to the probate of a will, real or personal property or any security interest therein is acquired for value by a purchaser from, or a lender to, the personal representative of the estate or a distributee or devisee of the property by the terms of a will, the purchaser or lender shall take 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. (b) (1) This section protects a purchaser from, or lender to, a distributee, devisee, or personal representative who has executed a deed or security instrument to the purchaser or lender prior to the filing of objections to the will. (2) 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 or devisee are the same person. (c) Any properly recorded instruments conveying such property on which a state documentary fee is noted pursuant to §§ 26-60-101 - 26-60-103 and 26-60-105 - 26-60-112 shall be prima facie evidence that the transfer was made for value and shall not be adversely affected should a will be later set aside in the manner provided by law.

Legislative History

Acts 1949, No. 140, § 53; 1951, No. 255, § 4; 1967, No. 287, § 2; 1985, No. 1007, § 2; A.S.A. 1947, § 62-2114.