§560:2-214  Protection of payors and other
third parties.  (a)  Although under section 560:2-205 a payment, item of
property, or other benefit is included in the decedent's nonprobate transfers
to others, a payor or other third party is not liable for having made a payment
or transferred an item of property or other benefit to a beneficiary designated
in a governing instrument, or for having taken any other action in good faith
reliance on the validity of a governing instrument, upon request and satisfactory
proof of the decedent's death, before the payor or other third party received
written notice from the surviving spouse or reciprocal beneficiary or spouse's
or reciprocal beneficiary's representative of an intention to file a petition
for the elective share or that a petition for the elective share has been
filed.  A payor or other third party is liable for payments made or other
actions taken after the payor or other third party received written notice of
an intention to file a petition for the elective share or that a petition for
the elective share has been filed.



(b)  A written notice of intention to file a
petition for the elective share or that a petition for the elective share has
been filed must be mailed to the payor's or other third party's main office or
home by registered or certified mail, return receipt requested, or served upon
the payor or other third party in the same manner as a summons in a civil
action.  Upon receipt of written notice of intention to file a petition for the
elective share or that a petition for the elective share has been filed, a
payor or other third party may pay any amount owed or transfer or deposit any
item of property held by it to or with the court having jurisdiction of the
probate proceedings relating to the decedent's estate, or if no proceedings
have been commenced, to or with the court having jurisdiction or probate
proceedings relating to decedents' estates located in the judicial circuit of
the decedent's residence.  The court shall hold the funds or item of property,
and, upon its determination under section 560:2-211(d), shall order
disbursement in accordance with the determination.  If no petition is filed in
the court within the specified time under section 560:2-211(a) or, if filed,
the demand for an elective share is withdrawn under section 560:2-211(d), the
court shall order disbursement to the designated beneficiary.  Payments or
transfers to the court or deposits made into court discharge the payor or other
third party from all claims for amounts so paid or the value  of property so
transferred or deposited.



(c)  Upon petition to the probate court by the
beneficiary designated in a governing instrument, the court may order that all
or part of the property be paid to the beneficiary in an amount and subject to
conditions consistent with this part. [L 1996, c 288, pt of §1; am L 1997, c
383, §19]