§ 33-13-8.1. Distributions in kind in satisfaction of pecuniary bequests.
(a) As used in this section, the terms “pecuniary bequests” and “transfer in trust of a pecuniary amount” mean, respectively, a bequest in a will or a transfer under a trust agreement of a specific amount of money, which amount is either expressly stated in the instrument or determinable by means of a formula which is stated in the instrument.
(b) Whether a bequest or transfer in trust is pecuniary in character depends upon the intention of the testator or grantor.
(c) Where a will or a trust agreement authorizes the executor, administrator, or trustee (hereinafter called the “fiduciary”) to satisfy wholly or partly in kind a pecuniary bequest or transfer in trust of a pecuniary amount, unless the instrument shall otherwise expressly provide, the assets selected by the fiduciary for that purpose shall be valued at their respective values on the date or dates of their distribution.
(d) Where a will or a trust agreement authorizes the fiduciary to satisfy wholly or partly in kind a pecuniary bequest or transfer in trust of a pecuniary amount and the instrument requires the fiduciary to value the assets selected by the fiduciary for distribution as of a date other than the date or dates of their distribution, unless the instrument shall otherwise expressly provide, the assets selected by the fiduciary for that purpose, together with any cash distributed, shall have an aggregate value on the date or dates of their distribution amounting to no less than, and to the extent practicable to no more than, the amount of the bequest or transfer in trust as stated in, or determined by the formula stated in, the instrument.
History of Section.G.L., § 33-13-8.1, as enacted by P.L. 1969, ch. 241, § 1.
Structure Rhode Island General Laws
Title 33 - Probate Practice and Procedure
Chapter 33-13 - Legacies, Devises, and Inheritance
Section 33-13-1. - Notice of devise or bequest to corporation or association.
Section 33-13-2. - Order for conversion of personalty into cash and distribution.
Section 33-13-3. - Restrictions on power of heir or devisee to incumber or alien realty.
Section 33-13-4. - Rights of creditors and heirs where no administration granted.
Section 33-13-5. - Payment of legacy on giving of indemnity bond.
Section 33-13-6. - Filing of statement listing legatees — Notice.
Section 33-13-7. - Approval of statement listing legatees — Order to pay legacies.
Section 33-13-8. - Determination of questions as to legacies.
Section 33-13-8.1. - Distributions in kind in satisfaction of pecuniary bequests.
Section 33-13-10. - Action for an accounting brought by residuary legatee.
Section 33-13-11. - Time when order of distribution allowed.
Section 33-13-12. - Time when order of distribution required.
Section 33-13-13. - Payment of money into court for benefit of foreign legatee or distributee.
Section 33-13-14. - Liability of heirs, next of kin, devisees, and legatees for debts.
Section 33-13-15. - Action by creditor against heirs, next of kin, devisees, and legatees.
Section 33-13-17. - Recovery of creditors’ claims — Apportionment of liability.
Section 33-13-18. - Failure of creditor to join all defendants — Addition of parties.
Section 33-13-20. - Indemnity between heirs, next of kin, legatees, and devisees.