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396.175 Proportionate payment of claims.
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All assets of estates being administered in this state are subject to all claims,
allowances and charges existing or established against the personal
representative wherever appointed.
If the estate either in this state or as a whole is insufficient to cover all
exemptions and allowances determined by the law of the decedent's domicile,
prior charges and claims, after satisfaction of the exemptions, allowances, and
charges, each claimant whose claim has been allowed either in this state or
elsewhere in administrations of which the personal representative is aware, is
entitled to receive payment of an equal proportion of his claim. If a preference
or security in regard to a claim is allowed in another jurisdiction but not in this
state, the creditor so benefited shall receive payment out of local assets only
upon the balance of his claim after deducting the amount of the benefit.
In case the exemptions and allowances, prior charges and claims of the entire
estate exceed the total value of the portions of the estate being administered
separately and this state is not the state of the decedent's last domicile, the
claims allowed in this state shall be paid their proportion if local assets are
adequate for the purpose, and the balance of local assets shall be transferred
to the domiciliary personal representative. If local assets are not sufficient to
pay all claims allowed in this state in the amount to which they are entitled,
local assets shall be marshaled so that each claim allowed in this state is paid
its proportion as far as possible, after taking into account all payments on
claims allowed in this state from assets in other jurisdictions.
Effective:July 15, 1988
History: Created 1988 Ky. Acts ch. 90, sec. 23, effective July 15, 1988.
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