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Laws of New York (Last Updated: November 21, 2014) |
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EPT Estates, Powers and Trusts |
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Article 6. CLASSIFICATION, CREATION, DEFINITION OF, AND RULES GOVERNING ESTATES IN PROPERTY |
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Part 6. DISPOSITION OF COMMUNITY PROPERTY RIGHTS AT DEATH |
Section 6-6.5. Purchaser for value or lender
Latest version.
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(a) If a surviving spouse has apparent title to property to which this part applies, a purchaser for value or a lender taking a security interest in the property takes his interest in the property free of any rights of the personal representative or a testamentary beneficiary or distributee of the decedent. (b) If a personal representative or a testamentary beneficiary or distributee of the decedent has apparent title to property to which this part applies, a purchaser for value or a lender taking a security interest in the property takes his interest in the property free of any rights of the surviving spouse. (c) A purchaser for value or a lender need not inquire whether a vendor or borrower acted properly. (d) The proceeds of a sale or creation of a security interest shall be treated in the same manner as the property transferred to the purchaser for value or a lender.