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Session Laws, 1971
Volume 707, Page 1735   View pdf image
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Marvin Mandel, Governor                        1735

8-108.

(a) Upon the expiration of six months from the date of the first
[published notice to creditors] appointment of a personal repre-
sentative,
the personal representative shall, unless the court extends
the time for good cause shown, proceed to pay the claims allowed
against the estate in the order of priority prescribed in Section
8-105. Any persons with a valid unbarred claim or with a valid un-
barred judgment who has not been paid as provided herein may
petition the court for an order directing the personal representative
to pay the claim to the extent that funds of the estate are available
for such payment.

8-110.

Upon proof of an unsecured claim which will become due at some
future time, [the same may be paid immediately if the claimant
will consent to such discount, if any, as the court thinks reasonable;
otherwise] and which has not been compromised pursuant to Sec-
tion 7-401 or authority conferred by the will,
the court shall direct
the investment of an amount which will provide for the payment
of the claim when it becomes due. When a creditor holds any security
for an allowable claim due at some future time he may rely on his
rights under Section 8-111 or may file his claim as an unsecured
claim not yet due, with the right of withdrawing the claim prior
to the taking of any action thereon, and, after such withdrawal,
rely on his rights as provided in Section 8-111.

8-112.

If a contingent claim becomes absolute before the distribution of
the estate, it shall be paid in the same manner as absolute claims
of the same class. In other cases [the personal representative or, on
petition of the personal representative or the claimant in a special
proceeding for the purpose], if a petition is filed with the court by
the personal representative or the claimant,
the court [,] may pro-
vide for payment in any one of the following ways:

(a)    The creditor and personal representative may determine, by
agreement, arbitration or compromise, the value thereof, according
to its probable present worth, and, upon approval by the court, it
may be allowed and paid in the same manner as an absolute claim.

(b)    The court may order the personal representative to make
distribution of the estate except for sufficient funds to be retained
to pay the claim if and when the same becomes absolute.

(c)    The court may order distribution of the estate as though
such contingent claim did not exist, but the distributees shall be
liable to the creditor to the extent of the estate received by them,
if the contingent claim thereafter becomes absolute; and the court
may require such distributees to give bond for the satisfaction of
their liability to the contingent creditor.

(d)    Such other method as the court may order.

9-101.

A person may renounce testate or intestate succession or both,
wholly or partially, if he has not accepted possession as legatee or

 

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Session Laws, 1971
Volume 707, Page 1735   View pdf image
 Jump to  
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