N.Y. Estates, Powers and Trusts Law 12-2.5 – Title of bona fide purchaser from distributee or testamentary
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§ 12-2.5 Title of bona fide purchaser from distributee or testamentary
Terms Used In N.Y. Estates, Powers and Trusts Law 12-2.5
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
beneficiary protected
The entry and filing of a judgment recovered against a distributee or testamentary beneficiary in an action brought under this article does not affect the rights of a prior purchaser, in good faith and for valuable consideration, from such distributee or beneficiary of any property of the decedent which would otherwise be subject to such judgment, unless, in the case of real property, a notice of pendency had been filed prior to such purchase. When the subsequent purchaser is protected, the judgment is enforceable against the judgment debtor to the extent of the net proceeds received by him upon the disposition of the property.