Arizona § 14-2606 Right to specific devises; unpaid proceeds of sale, condemnation or insurance; sale by conservator or agent

Arizona Statutes

§ 14-2606 — Right to specific devises; unpaid proceeds of sale, condemnation or insurance; sale by conservator or agent

Arizona·Title 14 Arizona Revised Statutes·Ch. 2 INTESTATE SUCCESSION AND WILLS·Art. 6 Rules of Construction

A.A specific devisee has a right to the specifically devised property in the testator's estate at death and to the following:

1.Any balance of the purchase price, together with any security agreement, owing from a purchaser to the testator at death by reason of sale of the property.

2.Any amount of a condemnation award for the taking of the property unpaid at death.

3.Any proceeds unpaid at death on fire or casualty insurance on or other recovery for injury to the property.

4.Property owned by the testator at death and acquired as a result of foreclosure or obtained in lieu of foreclosure of the security interest for a specifically devised obligation.

B.If specifically devised property is sold or mortgaged by a conservator or by an agent acting within the authority of a durable

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A. A specific devisee has a right to the specifically devised property in the testator's estate at death and to the following:

1. Any balance of the purchase price, together with any security agreement, owing from a purchaser to the testator at death by reason of sale of the property.

2. Any amount of a condemnation award for the taking of the property unpaid at death.

3. Any proceeds unpaid at death on fire or casualty insurance on or other recovery for injury to the property.

4. Property owned by the testator at death and acquired as a result of foreclosure or obtained in lieu of foreclosure of the security interest for a specifically devised obligation.

B. If specifically devised property is sold or mortgaged by a conservator or by an agent acting within the authority of a durable power of attorney for an incapacitated principal or if a condemnation award, insurance proceeds or recovery for injury to the property are paid to a conservator or to an agent acting within the authority of a durable power of attorney for an incapacitated principal, the specific devisee has the right to a general pecuniary devise equal to the net sale price, the amount of the unpaid loan, the condemnation award, the insurance proceeds or the recovery. It is not necessary to adjudicate the issue of incapacity for an agent to act under this subsection. An agent's actions that are within the authority of a durable power of attorney are presumed to be on behalf of the incapacitated principal. For the purposes of this subsection, "incapacitated principal" means a principal who is an incapacitated person.

C. The right of a specific devisee under subsection B is reduced by any right the devisee has under subsection A.

D. The provisions in subsection B that relate to the actions of a conservator do not apply if, after the sale, mortgage, condemnation, casualty or recovery, it was adjudicated that the testator's incapacity ceased and the testator survived the adjudication by one year.

Arizona § 14-2606 (Right to specific devises; unpaid proceeds of sale, condemnation or insurance; sale by conservator or agent) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.