§ 29-1-17-11 — Undivided interests; distribution, partition

Indiana § 29-1-17-11

• Jurisdiction: Indiana
• Art. 1: PROBATE CODE
• Ch. 17: Distribution and Discharge

Text

(a) When two (2) or more distributees are
entitled to distribution of an undivided interest in any real or personal
property of the estate, distribution shall be made of undivided interests
in the property unless the personal representative or one (1) or more of
the distributees petition the court for partition not later than the hearing
on the petition for final distribution. If a petition is filed, the court, after
notice is given to all interested persons as the court directs, shall
proceed in accordance with IC 32-17-4-2.5. With respect to personal
property, the person who files for partition shall conduct a title search
with the bureau of motor vehicles (if the personal property is titled) or
a search for liens under the Uniform Commercial Code (if the personal
property is not titled). The person shall file a copy of the results of the
search with the court.
(b) If:
(1) a distribution of particular assets of a decedent is to be made
to two (2) or more distributees that are entitled to receive
fractional shares in the assets; and
(2) the decedent's personal representative chooses to distribute the
particular assets without distributing to each distributee a pro rata
share of each asset;
the personal representative shall distribute to each distributee a pro rata
share of the total fair market value of all the particular assets as of the
date of distribution.
(c) The personal representative is not required to divide and
distribute particular assets under subsection (b) based upon the
potential gain or loss that the distributee would realize if the distributed
assets were sold.
Formerly: Acts 1953, c.112, s.1711. As amended by
P.L.265-1989, SEC.1; P.L.41-2012, SEC.1; P.L.99-2024,
SEC.10.