Rhode Island General Laws 33-19-23. Surplus real estate proceeds distributed as real estate
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Surplus proceeds arising from the sale or mortgage of the real estate of a deceased person by an executor or administrator, or from the sale or mortgage of the real estate of a ward by his or her guardian, remaining on the settlement of the final account of the executor, administrator or guardian, shall be considered as real estate, and shall pass to, or be distributed in the same proportions among, the same persons who would have taken the real estate if it had not been sold or mortgaged.
History of Section.
C.P.A. 1905, § 743; G.L. 1909, ch. 308, § 10; P.L. 1918, ch. 1640, § 2; G.L. 1923, ch. 359, § 10; G.L. 1938, ch. 570, § 10; G.L. 1956, § 33-19-23.
Terms Used In Rhode Island General Laws 33-19-23
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
- real estate: may be construed to include lands, tenements, and hereditaments and rights thereto and interests therein. See Rhode Island General Laws 43-3-10
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.