New Hampshire Revised Statutes 554:19-b – Insolvent Estate
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I. When it appears to an administrator of an estate that the known claims and expenses of administration exceed the value of the assets, the administrator may petition the court for initial determination that the estate is insolvent.
II. The petition shall show the value of the estate, names and addresses of all known creditors, the amount claimed by each creditor, whether the decedent had a revocable trust, and the value of the trust property available to satisfy creditors and claims pursuant to N.H. Rev. Stat. § 564-B:5-505.
III. The administrator shall provide notice of the petition to all persons beneficially interested in the estate as defined by N.H. Rev. Stat. § 550:12.
IV. The court may rule on the petition without a hearing. At the discretion of the court, the order granting the petition may allow for the waiver of filing an inventory or any accounts. Upon an order of the court granting the petition filed pursuant to paragraph I, all actions and suits against the deceased or the administrator shall be stayed:
(a) Unless the deceased was insured for the matter which is the subject of the action, and, in such case, recovery shall be limited to the coverage of the insurance policy or policies; or
(b) Unless the stay is lifted by the court in which the estate is pending, and in such case, if judgment is rendered for the plaintiff, the judgment shall be certified to the probate court, and the amount of the judgment shall be added to the list of claims.
V. No sooner than 6 months after the grant of administration, the administrator of an estate that has been determined to be insolvent shall petition the court for an order to distribute assets pursuant to N.H. Rev. Stat. § 554:19.
VI. The petition shall show the value of the estate, names and addresses of all known creditors, the amount claimed by each creditor, and the amount the administrator proposes that each creditor is entitled to receive from the estate, whether the decedent had a revocable trust, and the value of the trust property available to satisfy creditors and claims pursuant to N.H. Rev. Stat. § 564-B:5-505.
VII. The administrator shall provide notice of the petition to all persons beneficially interested in the estate as defined by N.H. Rev. Stat. § 550:12. The petition shall state that beneficially interested persons have 30 days to object to the petition. If no timely objection is received by the court, it may issue an order of distribution without a hearing.
VIII. Not sooner than 30 days after the order of distribution is issued by the court, the administrator shall distribute the decedent’s estate and file with the court an affidavit certifying that distribution was made in accordance with the court’s order. The administrator shall thereafter be wholly discharged, by decree of the judge, from all claims of the creditors against the estate, without other proceedings.
II. The petition shall show the value of the estate, names and addresses of all known creditors, the amount claimed by each creditor, whether the decedent had a revocable trust, and the value of the trust property available to satisfy creditors and claims pursuant to N.H. Rev. Stat. § 564-B:5-505.
Terms Used In New Hampshire Revised Statutes 554:19-b
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Decedent: A deceased person.
- petition: when used in connection with the equity jurisdiction of the superior court, and referring to a document filed with the court, shall mean complaint, and "petitioner" shall mean plaintiff. See New Hampshire Revised Statutes 21:51
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Probate: Proving a will
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
III. The administrator shall provide notice of the petition to all persons beneficially interested in the estate as defined by N.H. Rev. Stat. § 550:12.
IV. The court may rule on the petition without a hearing. At the discretion of the court, the order granting the petition may allow for the waiver of filing an inventory or any accounts. Upon an order of the court granting the petition filed pursuant to paragraph I, all actions and suits against the deceased or the administrator shall be stayed:
(a) Unless the deceased was insured for the matter which is the subject of the action, and, in such case, recovery shall be limited to the coverage of the insurance policy or policies; or
(b) Unless the stay is lifted by the court in which the estate is pending, and in such case, if judgment is rendered for the plaintiff, the judgment shall be certified to the probate court, and the amount of the judgment shall be added to the list of claims.
V. No sooner than 6 months after the grant of administration, the administrator of an estate that has been determined to be insolvent shall petition the court for an order to distribute assets pursuant to N.H. Rev. Stat. § 554:19.
VI. The petition shall show the value of the estate, names and addresses of all known creditors, the amount claimed by each creditor, and the amount the administrator proposes that each creditor is entitled to receive from the estate, whether the decedent had a revocable trust, and the value of the trust property available to satisfy creditors and claims pursuant to N.H. Rev. Stat. § 564-B:5-505.
VII. The administrator shall provide notice of the petition to all persons beneficially interested in the estate as defined by N.H. Rev. Stat. § 550:12. The petition shall state that beneficially interested persons have 30 days to object to the petition. If no timely objection is received by the court, it may issue an order of distribution without a hearing.
VIII. Not sooner than 30 days after the order of distribution is issued by the court, the administrator shall distribute the decedent’s estate and file with the court an affidavit certifying that distribution was made in accordance with the court’s order. The administrator shall thereafter be wholly discharged, by decree of the judge, from all claims of the creditors against the estate, without other proceedings.