There Is a Newer Version
of
this Section
2020 Utah Code
Title 75 - Utah Uniform Probate Code
Chapter 3 - Probate of Wills and Administration
Part 9 - Special Provisions Relating to Distribution
Section 906 - Distribution in kind -- Valuation -- Method.
Universal Citation:
UT Code § 75-3-906 (2020)
Learn more
This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
75-3-906. Distribution in kind -- Valuation -- Method.
Amended by Chapter 39, 1998 General Session
- (1) Unless a contrary intention is indicated by the will, the distributable assets of a decedent's estate shall be distributed in kind to the extent possible through application of the following provisions:
- (a) A specific devisee is entitled to distribution of the thing devised to him, and a spouse or child who has selected particular assets of an estate as provided in Section 75-2-403 shall receive the items selected.
- (b) Any homestead or family allowance or devise payable in money may be satisfied by value in kind provided:
- (i) the person entitled to the payment has not demanded payment in cash;
- (ii) the property distributed in kind is valued at fair market value as of the date of its distribution; and
- (iii) no residuary devisee has requested that the asset in question remain a part of the residue of the estate.
- (c) For the purpose of valuation under Subsection (1)(b) above, securities regularly traded on recognized exchanges, if distributed in kind, are valued at the price for the last sale of like securities traded on the business day prior to distribution, or if there was no sale on that day, at the median between amounts bid and offered at the close of that day. Assets consisting of sums owed the decedent or the estate by solvent debtors as to which there is no known dispute or defense are valued at the sum due with accrued interest or discounted to the date of distribution. For assets which do not have readily ascertainable values, a valuation as of a date not more than 30 days prior to the date of distribution, if otherwise reasonable, controls. For purposes of facilitating distribution, the personal representative may ascertain the value of the assets as of the time of the proposed distribution in any reasonable way, including the employment of qualified appraisers, even if the assets may have been previously appraised.
- (d) The residuary estate shall be distributed in kind if there is no objection to the proposed distribution and it is practicable to distribute undivided interests. In other cases, residuary property may be converted into cash for distribution.
- (2) After the probable charges against the estate are known, the personal representative may mail or deliver a proposal for distribution to all persons who have a right to object to the proposed distribution. The right of any distributee to object to the proposed distribution on the basis of the kind or value of asset he is to receive, if not waived earlier in writing, terminates if he fails to object in writing received by the personal representative within 30 days after mailing or delivery of the proposal.
Amended by Chapter 39, 1998 General Session
Disclaimer: These codes may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
