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§ 8-112. Payment of contingent claims

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2019

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 8. Claims of Creditors (Refs & Annos)
Subtitle 1. General (Refs & Annos)
Effective: October 1, 2019
MD Code, Estates and Trusts, § 8-112
§ 8-112. Payment of contingent claims
Currentness
In general
(a)(1) If a contingent claim becomes absolute before the distribution of the estate, the contingent claim shall be paid in the same manner as absolute claims of the same class.
(2) In other cases, if a petition is filed with the court by the personal representative or the claimant, the court may provide for payment in the manner provided in subsections (b), (c), (d), or (e) of this section.
Determination of value of claim
(b) The creditor and personal representative may determine, by agreement, arbitration, or compromise, the value of the claim according to its probable present worth, and, on approval by the court, the value of the claim may be allowed and paid in the same manner as an absolute claim.
Retention of sufficient funds to pay claim
(c) The court may order the personal representative to make distribution of the estate except for sufficient funds retained to pay the claim if and when it becomes absolute.
Distribution of estate as though contingent claim does not exist
(d)(1) The court may order distribution of the estate as though the contingent claim did not exist, but the distributees are liable to the creditor to the extent of the estate received by them, if the contingent claim becomes absolute.
(2) The court may require the distributees to give bond for the satisfaction of their liability to the contingent creditor.
Other methods ordered by court
(e) The court may order another method.

Credits

Added by Acts 1974, c. 11, § 2, eff. July 1, 1974. Amended by Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.
Formerly Art. 93, § 8-112.
MD Code, Estates and Trusts, § 8-112, MD EST & TRST § 8-112
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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