CHAPTER 12. INVENTORY

IC 29-1-12
    Chapter 12. Inventory

IC 29-1-12-1
Classification of properties; appraisers; copies of inventories tointerested persons
    Sec. 1. (a) Within two (2) months after his appointment, unless alonger time shall be granted by the court, every personalrepresentative shall prepare a verified inventory in one (1) or morewritten instruments, indicating the fair market value of each item ofproperty of the decedent which shall come to his possession orknowledge, including a statement of all known, liens and othercharges on any item. Such property shall be classified therein asfollows:
    (1) Real property, with plat or survey description, and if ahomestead, designated as such;
    (2) Furniture and household goods;
    (3) Emblements and annual crops raised by labor;
    (4) Corporate stocks including the class, the par value or that ithas no par value, if preferred stock the dividend rate;
    (5) Mortgages, bonds, notes or other written evidences of debt orof ownership described by name of debtor, recording data, and otheridentification;
    (6) Bank accounts, money, and insurance policies if payable to theestate of the decedent or to his personal representative;
    (7) All other personal property accurately identified, including thedecedent's proportionate share in any partnership, but no inventoryof the partnership property shall be required.
    (b) The personal representative may employ a disinterestedappraiser to assist him in ascertaining the fair market value as of thedate of the decedent's death of any asset the value of which may besubject to reasonable doubt. Different persons may be employed toappraise different kinds of assets included in the estate. The namesand addresses of any appraiser shall be indicated on the inventorywith the item or items he appraised.
    (c) The personal representative shall furnish a copy of theinventory, or any supplement or amendment to it, to interestedpersons who request it, unless he has filed the original of theinventory, or any supplement or amendment to it, with the court.
(Formerly: Acts 1953, c.112, s.1201; Acts 1971, P.L.409, SEC.1;Acts 1975, P.L.288, SEC.18.)

IC 29-1-12-2
Repealed
    (Repealed by Acts 1975, P.L.289, SEC.3.)

IC 29-1-12-3
Distant places or types of property; separate inventory andappraisement
    Sec. 3. When such estate is situated in places distant from each

other or is composed of different types of property, the personalrepresentative may prepare the inventory in separate instruments foreach place or type of property.
(Formerly: Acts 1953, c.112, s.1203; Acts 1971, P.L.409, SEC.2;Acts 1975, P.L.288, SEC.19.)

IC 29-1-12-4
Repealed
    (Repealed by Acts 1975, P.L.288, SEC.51.)

IC 29-1-12-5
Right of action against executor; insolvent personal representative
    Sec. 5. The naming of any person as executor in a will shall notoperate as a discharge or bequest of any right of action which thetestator had against such executor, but such right of action, if itsurvives, shall be included among the assets of the decedent in theinventory. If the personal representative is or becomes insolvent,debts owed by him to the decedent shall not be deemed assets in hishands in determining the liability on his bond.
(Formerly: Acts 1953, c.112, s.1205.)

IC 29-1-12-6
Evidence
    Sec. 6. Inventories and appraisements may be given in evidencein all proceedings, but shall not be conclusive, and other evidencemay be introduced to vary the effect thereof.
(Formerly: Acts 1953, c.112, s.1206.)