Sec. 11. (a) When two (2) or more distributees are entitled to distribution of an undivided interest in any real or
personal property of the estate, distribution shall be made of undivided interests in the
property unless the personal representative or one (1) or more of the distributees petition the court for partition not later than the hearing on the petition for final distribution. If a petition is filed, the court, after notice is given to all interested persons as the court directs, shall proceed in accordance with
IC 32-17-4-2.5. With respect to
personal property, the person who files for partition shall conduct a title search with the bureau of motor vehicles (if the personal property is titled) or a search for liens under the
Uniform Commercial Code (if the personal property is not titled). The person shall file a copy of the results of the search with the court.
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Terms Used In Indiana Code 29-1-17-11
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Personal property: All property that is not real property.
- Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(1) a distribution of particular assets of a decedent is to be made to two (2) or more distributees that are entitled to receive fractional shares in the assets; and
(2) the decedent’s personal representative chooses to distribute the particular assets without distributing to each distributee a pro rata share of each asset;
the personal representative shall distribute to each distributee a pro rata share of the total fair market value of all the particular assets as of the date of distribution.
(c) The personal representative is not required to divide and distribute particular assets under subsection (b) based upon the potential gain or loss that the distributee would realize if the distributed assets were sold.
Formerly: Acts 1953, c.112, s.1711. As amended by P.L.265-1989, SEC.1; P.L.41-2012, SEC.1; P.L.99-2024, SEC.10.
