Kentucky Statutes 396.095 – Order of payment of claims
Current as of: 2024 | Check for updates
|
Other versions
(1) If the applicable assets of the estate are insufficient to pay all claims in full, the personal representative shall make payment of claims in the following order:
(a) Costs and expenses of administration; then
(b) Funeral expenses; then
(c) Debts and taxes with preference under federal law and other laws of this state;
then
(d) All other claims.
(2) No preference shall be given in the payment of any claim over any other claim of the same class, and a matured claim shall not be entitled to a preference over unmatured claims.
Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 90, sec. 15, effective July 15, 1988.
(a) Costs and expenses of administration; then
Terms Used In Kentucky Statutes 396.095
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(b) Funeral expenses; then
(c) Debts and taxes with preference under federal law and other laws of this state;
then
(d) All other claims.
(2) No preference shall be given in the payment of any claim over any other claim of the same class, and a matured claim shall not be entitled to a preference over unmatured claims.
Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 90, sec. 15, effective July 15, 1988.