Indiana § 29-1-14-7 Contingent claims; payment; bond of distributee

Indiana Statutes

§ 29-1-14-7 — Contingent claims; payment; bond of distributee

Indiana·Art. 1 PROBATE CODE·Ch. 14 Claims Against the Estate

Contingent claims which cannot be allowed as absolute debts shall, nevertheless, be filed in the court. If allowed as a contingent claim, the allowance shall state the nature of the contingency. If such claim shall become absolute before distribution of the estate, it shall be paid in the same manner as absolute claims of the same class. In all other cases the court may provide for the payment of contingent claims in any one of the following methods.

(a)The creditor and personal representative may determine, by agreement, arbitration or compromise, the value thereof, according to its probable present worth, and upon approval thereof by the court, it may be allowed and paid in the same manner as an absolute claim.

(b)The court may order the personal representative to make distribution of

Free access — add to your briefcase to read the full text and ask questions with AI

Contingent claims which cannot be allowed as
absolute debts shall, nevertheless, be filed in the court. If allowed as a
contingent claim, the allowance shall state the nature of the
contingency. If such claim shall become absolute before distribution of
the estate, it shall be paid in the same manner as absolute claims of the
same class. In all other cases the court may provide for the payment of
contingent claims in any one of the following methods.
(a) The creditor and personal representative may determine, by
agreement, arbitration or compromise, the value thereof, according to
its probable present worth, and upon approval thereof by the court, it
may be allowed and paid in the same manner as an absolute claim.
(b) The court may order the personal representative to make
distribution of the estate but to retain in his hands sufficient funds to
pay the claim if and when the same becomes absolute; but for this
purpose the estate shall not be kept open longer than two (2) years after
distribution of the remainder of the estate has been made; and if such
claim has not become absolute within that time, distribution shall be
made to the distributees of the funds so retained, after paying any costs
and expenses accruing during such period and such distributees shall
be liable to the creditor to the extent of the estate received by them, if
such contingent claim thereafter becomes absolute. When distribution
is so made to distributees, the court may require such distributees to
give bond for the satisfaction of their liability to the contingent creditor.
(c) The court may order distribution of the estate as though such
contingent claim did not exist, but the distributees shall be liable to the
creditor to the extent of the estate received by them, if the contingent
claim thereafter becomes absolute; and the court may require such
distributees to give bond for the performance of their liability to the
contingent creditor.
Formerly: Acts 1953, c.112, s.1407.

Indiana § 29-1-14-7 (Contingent claims; payment; bond of distributee) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.