(a)A transferee is personally liable to any person having a superior right to transferred property by testate or intestate succession from the decedent. Except as provided in subdivision (d), the personal liability established by this subdivision shall not exceed the sum of the following, less the amount of any payment made pursuant to Section 13204 or 13204.5:
(1)The fair market value at the time of the issuance of the certified copy of the affidavit under Section 13202 of the transferred property, less the amount of any liens and
encumbrances on the transferred property at that time.
(2)Income received from the property, if that income would have accrued to the estate had the property not been transferred to the transferee.
(3)If the property has been disposed of, interest on t
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(a)
A transferee is personally liable to any person having a superior right to transferred property by testate or intestate succession from the decedent. Except as provided in subdivision (d), the personal liability established by this subdivision shall not exceed the sum of the following, less the amount of any payment made pursuant to Section 13204 or 13204.5:
(1)
The fair market value at the time of the issuance of the certified copy of the affidavit under Section 13202 of the transferred property, less the amount of any liens and
encumbrances on the transferred property at that time.
(2)
Income received from the property, if that income would have accrued to the estate had the property not been transferred to the transferee.
(3)
If the property has been disposed of, interest on the fair market value of the transferred property from the date of disposition at the rate of 7 percent per annum. For the purposes of this paragraph, “fair market value of the transferred property” means the fair market value of the transferred property, determined as of the time of the disposition of the property, less the amount of any liens and encumbrances on the property at the time the certified copy of the affidavit was issued.
(b)
In addition to any other
liability the transferee has under this section and Sections 13204, 13204.5, 13206, and 13208, if the transferee fraudulently executed or filed the affidavit under this chapter, the transferee is liable to the person having a superior right to that property by testate or intestate succession from the decedent for three times the fair market value of the transferred property. For the purposes of this subdivision, the “fair market value of the transferred property” is the fair market value of the transferred property determined as of the time the certified copy of the affidavit was issued under Section 13202, less any liens and encumbrances on the transferred property at that time.
(c)
An action to impose liability under this section is forever barred three years after the certified copy of the affidavit is issued under Section
13202, or three years after the discovery of the fraud, whichever is later. The three-year period specified in this subdivision is not tolled for any reason.
(d)
The transferee is not liable under this section if the transferee has satisfied the requirements of Section 13205.5 or 13206.