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Session Laws, 1974
Volume 713, Page 140   View pdf image
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140                                               LAWS OF MARYLAND                              [Ch. 11

SATISFACTION OF A JUST DEBT,

(6)   GENERAL LEGACY TO SURVIVING SPOUSE OF
TESTATOR,

(7)   SPECIFIC AND DEMONSTRATIVE LEGACIES.

ABATEMENT WITHIN EACH CLASSIFICATION IS        IN

PROPORTION TO THE AMOUNTS OF PROPERTY EACH OF     THE

LEGATEES OR HEIRS WOULD HAVE RECEIVED, HAD     FULL

DISTRIBUTION OF THE PROPERTY BEEN MADE IN ACCORDANCE   WITH
THE TERMS OF THE WILL.

(C) ABATEMENT; CONTRIBUTION.

WHEN THE SUBJECT MATTER OF A PREFERRED LEGACY IS
SOLD OR USED AS AN INCIDENT TO ADMINISTRATION,
APPROPRIATE ADJUSTMENTS IN, OR CONTRIBUTIONS FROM, OTHER
INTERESTS IN THE REMAINING ASSETS SHALL BE EFFECTED.

REVISOR'S NOTE: This section presently appears as
Art. 93, §9—103. The only changes are in
style and language.

9-104. DISTRIBUTION IN KIND.
(A) GENERAL.

SUBJECT TO THE TERMS OF THE WILL AND THE NEEDS OF
ADMINISTRATION, THE ASSETS OF THE ESTATE OF A DECEDENT
SHALL BE DISTRIBUTED IN KIND TO THE EXTENT POSSIBLE
THROUGH APPLICATION OF THE PROVISIONS OF THIS SECTION.

(B) SPECIFIC LEGACY.

A SPECIFIC LEGATEE SHALL RECEIVE DISTRIBUTION OF THE
LEGACY GIVEN TO HIM.

[[(C) VALUATION.]] (C) VALUE IN KIND.

A FAMILY ALLOWANCE, INTESTATE SUCCESSION, STATUTORY
SHARE, OR LEGACY PAYABLE IN CASH MAY BE SATISFIED BY
VALUE IN KIND PROVIDED:

(1)   THE PERSON ENTITLED TO THE      PAYMENT HAS
NOT DEMANDED PAYMENT IN CASH;

(2)    THE PROPERTY DISTRIBUTED      IN KIND IS
VALUED AT FAIR MARKET VALUE AS OF THE      DATE OF ITS
DISTRIBUTION, AND

(3)    A RESIDUARY LEGATEE HAS   NOT REQUESTED
THAT THE ASSET IN QUESTION REMAIN A PART OF THE RESIDUE

 

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Session Laws, 1974
Volume 713, Page 140   View pdf image
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