40.0339 Procedure when debts exceed value of property.

Cite as [A.S.C.A. § 40.0339]

If the transferee finds, after receipt of the personal property, that the debts of the decedent exceed the value of the property received, he shall make no further distribution of the same, but shall at once report the facts to the Court that issued the transfer order, setting forth the money and other personal property received, the disbursements he has already made, the names and addresses of the recipients of the property already disbursed and the reason therefor; and shall list all known debts of decedent, including those that have recently come to transferees attention; and he shall take no further action save by order of the Court.

History: 1962, PL 7-21; 1967, PL 10-16.