Section 402 Rights of creditors - Massachusetts Statutes

[Text of section effective until July 1, 2011. Repealed by 2008, 521, Sec. 24. See 2008, 521, Sec. 44.]

Section 402. (a) If other assets of the estate are insufficient, a transfer resulting from registration under this chapter shall not be effective against the estate of a deceased party to the extent needed to pay claims against the estate and statutory allowances to the surviving spouse and children.

(b) A surviving party or beneficiary who receives payment of a security registered in accordance with this chapter shall be liable to account to the personal representative of the decedent for a proportionate share of the amount received to which the decedent, immediately before death, was beneficially entitled to the extent necessary to discharge the claims and allowances described in subsection (a) remaining unpaid after application of the decedent’s estate. A proceeding to assert the liability may not be commenced unless the personal representative has received a written demand by the surviving spouse, a creditor, a child, or a person acting for a child of the decedent. The proceeding shall be commenced within one year after death of the decedent. Sums recovered by the personal representative shall be administered as part of the decedent’s estate.