§560:3-910 - Purchasers from distributees protected.
§560:3-910 Purchasers from
distributees protected. If property distributed in kind or a security
interest therein is acquired for value by a purchaser from or lender to a
distributee who has received an instrument or deed of distribution from the
personal representative, or is so acquired by a purchaser from or lender to a
transferee from such distributee, the purchaser or lender takes title free of
rights of any interested person in the estate and incurs no personal liability
to the estate, or to any interested person, whether or not the distribution was
proper or supported by court order or the authority of the personal
representative was terminated before execution of the instrument or deed. This
section protects a purchaser from or lender to a distributee who, as personal
representative, has executed a deed of distribution to the distributee's self,
as well as a purchaser from or lender to any other distributee or the
distributee's transferee. To be protected under this provision, a purchaser or
lender need not inquire whether a personal representative acted properly in
making the distribution in kind, even if the personal representative and the
distributee are the same person, or whether the authority of the personal
representative had terminated before the distribution. Any recorded instrument
described in this section on which a state documentary fee is noted pursuant to
chapter 247 shall be prima facie evidence that such transfer was made for
value. [L 1996, c 288, pt of §1]