Vermont Statutes Title 32 Sec. 7307
Terms Used In Vermont Statutes Title 32 Sec. 7307
- Decedent: A deceased person.
- Estate: means the gross estate of a decedent as determined for the purpose of federal estate tax and the estate tax payable to this State. See
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means executor, administrator of any description, and trustee. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Person: means any individual, partnership, association, joint stock company, corporation, government, political subdivision, governmental agency, or local governmental agency. See
- Person interested in the estate: means any person entitled to receive, or who has received, from a decedent or by reason of the death of a decedent any property or interest therein included in the decedent's estate. See
- Tax: means the federal estate tax and the estate tax payable to this State and interest and penalties imposed in addition to the tax. See
§ 7307. Exoneration of fiduciary
Neither the fiduciary nor other person required to pay the tax shall be under any duty to institute any suit or proceeding to recover from any person interested in the estate the amount of the tax apportioned to the person until the expiration of the three months next following final determination of the tax. A fiduciary or other person required to pay the tax who institutes the suit or proceeding within a reasonable time after the three months’ period shall not be subject to any liability or surcharge because any portion of the tax apportioned to any person interested in the estate was collectible at a time following the death of the decedent but thereafter became uncollectable. If the fiduciary or other person required to pay the tax cannot collect from any person interested in the estate the amount of the tax apportioned to the person, the amount not recoverable shall be equitably apportioned by the court among the other persons interested in the estate, who are subject to apportionment. (Added 1975, No. 240 (Adj. Sess.), § 11.)