Arizona Laws 14-2606. Right to specific devises; unpaid proceeds of sale, condemnation or insurance; sale by conservator or agent
A. A specific devisee has a right to the specifically devised property in the testator‘s estate at death and to the following:
Terms Used In Arizona Laws 14-2606
- Agent: includes an attorney-in-fact under a durable or nondurable power of attorney, a person who is authorized to make decisions concerning another person's health care and a person who is authorized to make decisions for another person under a natural death act. See Arizona Laws 14-1201
- Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Arizona Laws 14-1201
- Devisee: means a person designated in a will to receive a devise. See Arizona Laws 14-1201
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause. See Arizona Laws 14-9101
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: includes both real and personal property. See Arizona Laws 1-215
- Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under that title or lease, collateral trust certificate, transferable share or voting trust certificate and, in general, includes any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of these securities. See Arizona Laws 14-1201
- Testator: A male person who leaves a will at death.
- Testator: includes a person of either sex. See Arizona Laws 14-1201
1. Any balance of the purchase price, together with any security agreement, owing from a purchaser to the testator at death by reason of sale of the property.
2. Any amount of a condemnation award for the taking of the property unpaid at death.
3. Any proceeds unpaid at death on fire or casualty insurance on or other recovery for injury to the property.
4. Property owned by the testator at death and acquired as a result of foreclosure or obtained in lieu of foreclosure of the security interest for a specifically devised obligation.
B. If specifically devised property is sold or mortgaged by a conservator or by an agent acting within the authority of a durable power of attorney for an incapacitated principal or if a condemnation award, insurance proceeds or recovery for injury to the property are paid to a conservator or to an agent acting within the authority of a durable power of attorney for an incapacitated principal, the specific devisee has the right to a general pecuniary devise equal to the net sale price, the amount of the unpaid loan, the condemnation award, the insurance proceeds or the recovery. It is not necessary to adjudicate the issue of incapacity for an agent to act under this subsection. An agent’s actions that are within the authority of a durable power of attorney are presumed to be on behalf of the incapacitated principal. For the purposes of this subsection, "incapacitated principal" means a principal who is an incapacitated person.
C. The right of a specific devisee under subsection B is reduced by any right the devisee has under subsection A.
D. The provisions in subsection B that relate to the actions of a conservator do not apply if, after the sale, mortgage, condemnation, casualty or recovery, it was adjudicated that the testator’s incapacity ceased and the testator survived the adjudication by one year.