New Jersey Statutes 3B:3-44. Specific devise; right of devisee after sale, condemnation, casualty loss or foreclosure
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Terms Used In New Jersey Statutes 3B:3-44
- Devisee: means any person designated in a will to receive a devise. See New Jersey Statutes 3B:1-1
- Estate: means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
- 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
- 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.
- Testator: A male person who leaves a will at death.
3B:3-44. A specific devisee has the right to the remaining specifically devised property in the testator‘s estate at death and:
a. Any balance of the purchase price (together with any security interest) owing from a purchaser to the testator at death by reason of sale of the property;
b. Any amount of a condemnation award for the taking of the property unpaid at death;
c. Any proceeds unpaid at death on fire or casualty insurance on, or other recovery for injury to, the property; and
d. Property owned by testator at his death as a result of foreclosure, or obtained in lieu of foreclosure, of the security for a specifically devised obligation.
L.1981, c.405, s.3B:3-44, eff. May 1, 1982; amended 2004, c.132, s.37.