Section 45-2-606 - Nonademption of specific devises; unpaid proceeds of sale, condemnation or insurance; sale by conservator or agent. - New Mexico Statutes

45-2-606. Nonademption of specific devises; unpaid proceeds of sale, condemnation or insurance; sale by conservator or agent.

A.     A specific devisee has a right to the specifically devised property in the testator's estate at death and:   

(1)     any balance of the purchase price, together with any security agreement, owing from a purchaser to the testator at death by reason of sale of the property;   

(2)     any amount of a condemnation award for the taking of the property unpaid at death;   

(3)     any proceeds unpaid at death on fire or casualty insurance on or other recovery for injury to the property;   

(4)     property owned by the testator at death and acquired as a result of foreclosure or obtained in lieu of foreclosure of the security interest for specifically devised obligation; and   

(5)     real or tangible personal property owned by the testator at death that the testator acquired as a replacement for specifically devised real or tangible personal property.   

B.     If specifically devised property is sold or mortgaged by a conservator or by an agent acting within the authority of a durable power of attorney for an incapacitated principal or if a condemnation award, insurance proceeds or recovery for injury to the property are paid to a conservator or to an agent acting within the authority of a durable power of attorney for an incapacitated principal, the specific devisee has the right to a general pecuniary devise equal to the net sale price, the amount of the unpaid loan, the condemnation award, the insurance proceeds or the recovery.   

C.     The right of a specific devisee pursuant to Subsection B of this section is reduced by any right the devisee has pursuant to Subsection A of this section.   

D.     For the purposes of the references in Subsection B of this section to a conservator, Subsection B of this section does not apply if after the sale, mortgage, condemnation, casualty or recovery, it was adjudicated that the testator's incapacity ceased and the testator survived the adjudication by one year.   

E.     For the purposes of the references in Subsection B of this section to an agent acting within the authority of a durable power of attorney for an incapacitated principal:   

(1)     "incapacitated principal" means a principal who is an incapacitated person;   

(2)     no adjudication of incapacity before death is necessary; and   

(3)     the acts of an agent within the authority of a durable power of attorney are presumed to be for an incapacitated principal.