75-3-910 - Purchasers from distributees protected.
75-3-910. Purchasers from distributees protected.
If property distributed in kind or a security interest therein is acquired for value in goodfaith and without notice of any adverse claim by a purchaser from or lender to a distributee whohas received an instrument or deed of distribution from the personal representative, or is soacquired by a purchaser from or lender to a transferee from the distributee, the purchaser orlender takes title free of rights of any interested person in the estate and incurs no personalliability to the estate, or to any interested person, whether or not the distribution was proper orsupported by court order or the authority of the personal representative was terminated beforeexecution of the instrument or deed. This section protects a purchaser from or lender to adistributee who, as personal representative, has executed a deed of distribution to himself, as wellas a purchaser from or lender to any other distributee or his transferee. To be protected under thissection, a purchaser or lender need not inquire whether a personal representative acted properly inmaking the distribution in kind, even if the personal representative and the distributee are the sameperson, or whether the authority of the personal representative had terminated before thedistribution.
Enacted by Chapter 194, 1977 General Session