§560:3-902 - Distribution; order in which assets appropriated; abatement.
§560:3-902 Distribution; order in
which assets appropriated; abatement. (a) Except as provided in
subsection (b) and except as may otherwise be provided in connection with the
share of the surviving spouse or reciprocal beneficiary who elects to take an
elective share, shares of distributees abate, without any preference or
priority as between real and personal property, in the following order:
(1) Property not disposed of by the will;
(2) Residuary devises;
(3) General devises;
(4) Specific devises.
For purposes of abatement, a general devise
charged on any specific property or fund is a specific devise to the extent of
the value of the property on which it is charged, and upon the failure or
insufficiency of the property on which it is charged, a general devise to the
extent of the failure or insufficiency. Abatement within each classification
is in proportion to the amounts of property each of the beneficiaries would
have received if full distribution of the property had been made in accordance
with the terms of the will.
(b) If the will expresses an order of
abatement, or if the testamentary plan or the express or implied purpose of the
devise would be defeated by the order of abatement stated in subsection (a),
the shares of the distributees abate as may be found necessary to give effect
to the intention of the testator.
(c) If the subject of a preferred devise is
sold or used incident to administration, abatement shall be achieved by
appropriate adjustments in, or contribution from, other interests in the
remaining assets. [L 1996, c 288, pt of §1; am L 1997, c 383, §19]