|SB 1076||Revises law on nonprobate transfers|
|LR Number:||4042L.02C||Fiscal Note:||4042-02|
|Committee:||Judiciary and Civil & Criminal Jurisprudence|
|Last Action:||05/14/04 - H Calendar S Bills for Third Reading w/HCS||Journal page:|
|Title:||HCS SB 1076|
|Effective Date:||August 28, 2004|
HCS/SB 1076 - This act modifies the nonprobate transfer of assets. Recipients of a recoverable transfer of a decedent's property shall be liable to account for a percentage of the property received if necessary to discharge statutory allowances to the decedent's surviving spouse and dependent children and for other unpaid claims remaining after the application of the decedent's estate. In order to enforce the obligation of a recipient of a recoverable transfer, an action for accounting must be commenced within 18 months of the death of the decedent by the decedent's personal representative or a qualified claimant, if the personal representative fails to follow certain procedures relating to the personal representative's failure to respond to a demand for accounting. Such demand must be filed within sixteen months of the death of the decedent. The failure of the personal representative to provide certain information in response to a demand from a qualified claimant may toll the 18- month requirement. Any judgement in a proceeding for accounting must take into the account the expenses of administration of the estate.
If an action for accounting is commenced within 18 months, other recipients of recoverable transfers may be brought into the action, even if such joinder occurs later than 18 months following the decedent's death. If an action is commenced after 18 months, then only the personal representative who received a recoverable transfer shall be liable to account pursuant to this act and no other recipient may be joined.
The provisions of this act are similar to provisions in the
TAT version of HB 1511 (2004).