(a) When two (2) or more distributees are entitled to distribution of an undivided interest in any real or personal property of the estate, distribution shall be made of undivided interests 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. 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. With respect to personal property, 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:(1) 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; and(2) the decedent's personal representative chooses to distribute the particular assets without distributing to each distributee a pro rata are entitled to receive fractional shares in the assets; and(2) the decedent's personal representative chooses to distribute the particular assets without distributing to each distributee a pro rata share of each asset;the personal representative shall 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.(c) The personal representative is not required to divide and distribute particular assets under subsection (b) based upon the potential gain or loss that the distributee would realize if the distributed assets were sold.Formerly: Acts 1953, c.112, s.1711. As amended by P.L.265-1989, SEC.1; P.L.41-2012, SEC.1; P.L.99-2024, SEC.10.
Indiana Legal Code