Indiana Code 29-1-17-11. Undivided interests; distribution, partition
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Sec. 11. (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.
(1) 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; and
(b) If 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, the decedent’s personal representative may, under an agreement among the distributees, distribute the particular assets without distributing to each distributee a pro rata share of each asset. However, the personal representative shall:
Terms Used In Indiana Code 29-1-17-11
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Personal property: All property that is not real property.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(2) divide the assets in a manner that results in a fair and equitable division among the distributees of any capital gain or loss on the assets.
Formerly: Acts 1953, c.112, s.1711. As amended by P.L.265-1989, SEC.1; P.L.41-2012, SEC.1.