§ 15-12-910 — Purchasers from distributees protected

Colorado § 15-12-910

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Probate of Wills and Administration

Text

If property distributed
in kind or a security interest therein is acquired for value by a purchaser from or
lender to a distributee who has received an instrument or deed of distribution from
the personal representative, or is so acquired by a purchaser from or lender to a
transferee from such distributee, the purchaser or lender takes 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 and whether or not the authority of the personal representative was
terminated prior to execution of the instrument or deed. This section protects a
purchaser from or lender to a distributee who, as personal representative, has
executed a deed of distribution to himself, as well as a purchaser from or lender to
any other distributee or his transferee. 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 are the same person, or whether the authority of the personal
representative had terminated prior to the distribution. For purposes of this section,
any recorded instrument evidencing a transfer to a purchaser from or lender to a
distributee on which a state documentary fee is noted pursuant to section 39-13-103, C.R.S., shall be prima facie evidence that such transfer was made for value.

Legislative History

Source: L. 73: R&RE, p. 1599, � 1. C.R.S. 1963: � 153-3-910. L. 75: Entire section R&RE, p. 599, � 37, effective July 1.