75-2-214. Protection of payors and other third parties.
(1) Although under Section 75-2-205 a payment, item of property, or other benefit is
included in the decedent's nonprobate transfers to others, a payor or other third party is not liable
for having made a payment or transferred an item of property or other benefit to a beneficiary
designated in a governing instrument, or for having taken any other action in good faith reliance
on the validity of a governing instrument, upon request and satisfactory proof of the decedent's
death, before the payor or other third party received written notice from the surviving spouse or
spouse's representative of an intention to file a petition for the elective share or that a petition for
the elective share has been filed. A payor or other third party is liable for payments made or other
actions taken after the payor or other third party received written notice of an intention to file a
petition for the elective share or that a petition for the elective share has been filed.
(2) A written notice of intention to file a petition for the elective share or that a petition
for the elective share has been filed shall be mailed to the payor's or other third party's main office
or home by registered or certified mail, return receipt requested, or served upon the payor or
other third party in the same manner as a summons in a civil action. Upon receipt of written
notice of intention to file a petition for the elective share or that a petition for the elective share
has been filed, a payor or other third party may pay any amount owed or transfer or deposit any
item of property held by it to or with the court having jurisdiction of the probate proceedings
relating to the decedent's estate, or if no proceedings have been commenced, to or with the court
having jurisdiction of probate proceedings relating to decedents' estates located in the county of
the decedent's residence. The court shall hold the funds or item of property, and, upon its
determination under Subsection 75-2-211(4), shall order disbursement in accordance with the
determination. If no petition is filed in the court within the specified time under Subsection
75-2-211(1) or, if filed, the demand for an elective share is withdrawn under Subsection
75-2-211(3), the court shall order disbursement to the designated beneficiary. Payments or
transfers to the court or deposits made into court discharge the payor or other third party from all
claims for amounts so paid or the value of property so transferred or deposited.
(3) Upon petition to the probate court by the beneficiary designated in a governing
instrument, the court may order that all or part of the property be paid to the beneficiary in an
amount and subject to conditions consistent with this part.
Enacted by Chapter 39, 1998 General Session
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Last revised: Thursday, May 28, 2009