MADAM PRESIDENT:
I move
that Senate Bill 543 be amended to read as follows:
Page 1, between the enacting clause and line 1, begin a new
paragraph and insert:
SOURCE: IC 29-1-17-11; (11)AM054301.1. -->
"SECTION 1. IC 29-1-17-11 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2011]: Sec. 11. (a) When two (2)
or more distributees are entitled to distribution of an undivided
interests interest in any real or personal property of the estate,
distribution shall be made of undivided interests therein in the
property unless the personal representative or one (1) or more of the
distributees petition the court for partition not later than the hearing
on the petition for final distribution. to make partition thereof. If a
petition is filed, the court, after notice is given to all interested persons
as the court directs, shall proceed in accordance with IC 32-17-4-2.5.
to make partition, allot and divide the property in the same manner as
provided by the statutes with respect to civil actions for partition, so
that each party receives property of a value proportionate to the party's
interest in the whole. The court may direct the personal representative
to sell any property which cannot be partitioned without prejudice to
the owners and which cannot conveniently be allotted to any one (1)
party. If partition is made in kind, the court may appoint a
commissioner to partition the property, who shall have the powers and
perform the duties of a commissioner in civil actions for partition, and
the court shall have the same powers with respect to the commissioner's
report as in civil actions. If equal partition cannot be had between the
parties without prejudice to the rights or interests of some, partition
may be made in unequal shares and by awarding judgment for
compensation to be paid by one (1) or more parties to one (1) or more
of the others. Any two (2) or more parties may agree to accept
undivided interests. Any sale under this section shall be conducted and
confirmed in the same manner as other probate sales. The expenses of
the partition, including reasonable compensation to the commissioner,
shall be equitably apportioned by the court among the parties. Each
party must pay the party's own attorney's fees. The amount charged to
each party constitutes a lien on the property allotted to the party. The
person who files for partition shall conduct a title search with the
bureau of motor vehicles (if the personal property is titled) or a
search for liens under the Uniform Commercial Code (if the
personal property is not titled). The person shall file a copy of the
results of the search with the court.
(b) If a distribution of particular assets of a decedent is to be made
to two (2) or more distributees that are entitled to receive fractional
shares in the assets, the decedent's personal representative may, under
an agreement among the distributees, distribute the particular assets
without distributing to each distributee a pro rata share of each asset.
However, the personal representative shall:
(1) distribute to each distributee a pro rata share of the total fair
market value of all the particular assets as of the date of
distribution; and
(2) divide the assets in a manner that results in a fair and
equitable division among the distributees of any capital gain or
loss on the assets.".
SOURCE: Page 2, line 2; (11)AM054301.2. -->
Page 2, line 2, after "real" insert " or personal".
Page 2, line 16, after "parcels" insert " or items".
Page 2, line 32, before "property" insert " lien or".
Page 2, line 32, after "under" insert " IC 29-1-17-11 or".
Page 2, line 38, after "chapter" insert " or a lien search under
IC 29-1-17-11".
Renumber all SECTIONS consecutively.
(Reference is to SB 543 as printed February 8, 2011.)