Kentucky Statutes 396.155 – Payment of encumbrances
Current as of: 2024 | Check for updates
|
Other versions
If any assets of the estate are encumbered by mortgage, pledge, lien, or secured interest, the personal representative may pay the encumbrance or any part thereof, renew or extend any obligation secured by the encumbrance or convey or transfer the assets to the creditor in satisfaction of his lien, in whole or in part, whether or not the holder of the encumbrance has presented a claim, if it appears to be for the best interest of the estate. Payment of an encumbrance does not increase the share of the distributee entitled to the encumbered assets unless the distributee is entitled to exoneration.
Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 90, sec. 21, effective July 15, 1988.
Effective: July 15, 1988
Terms Used In Kentucky Statutes 396.155
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
History: Created 1988 Ky. Acts ch. 90, sec. 21, effective July 15, 1988.