TITLE 15

UNIFORM PROBATE CODE

CHAPTER 2

INTESTATE SUCCESSION — WILLS

PART 6.

RULES OF CONSTRUCTION

15-2-607.  Change in securities — Accessions — Nonademption. (a) If the testator intended a specific devise of certain securities rather than the equivalent value thereof, the specific devisee is entitled only to:

(1)  as much of the devised securities as is a part of the estate at the time of the testator’s death;

(2)  any additional or other securities of the same entity owned by the testator by reason of action initiated by the entity excluding any acquired by exercise of purchase options;

(3)  securities of another entity owned by the testator as a result of a merger, consolidation, reorganization or other similar action initiated by the entity; and

(4)  any additional securities of the entity owned by the testator as a result of a plan of reinvestment if it is a regulated investment company.

(b)  Distributions prior to death with respect to a specifically devised security not provided for in subsection (a) of this section are not part of the specific devise.

History:

[I.C., sec. 15-2-607, as added by 1971, ch. 111, sec. 1, p. 233.]