California Probate Code 21403 – (a) Subject to subdivision (b), shares of beneficiaries abate …
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(a) Subject to subdivision (b), shares of beneficiaries abate pro rata within each class specified in Section 21402.
(b) Gifts of annuities and demonstrative gifts are treated as specific gifts to the extent they are satisfied out of the fund or property specified in the gift and as general gifts to the extent they are satisfied out of property other than the fund or property specified in the gift.
Terms Used In California Probate Code 21403
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62
(Enacted by Stats. 1990, Ch. 79.)