2107.501 Ademption - exemptions.
2107.501 Ademption - exemptions.
(A) A specific devisee or legatee has the right of the remaining specifically devised or bequeathed property, and:
(1) Any balance on the purchase price, together with any security interest owing from a purchaser to the testator at death by reason of sale of the property;
(2) Any amount of condemnation award unpaid at death for the taking of the property;
(3) Any proceeds unpaid at death on fire or casualty insurance on the property;
(4) Property owned by the testator at death as a result of foreclosure, or obtained in lieu of foreclosure, of the security for a specifically devised or bequeathed obligation.
(B) If specifically devised or bequeathed property is sold by a guardian, by an agent acting within the authority of a power of attorney, or by an agent acting within the authority of a durable power of attorney, or if a condemnation award or insurance proceeds are paid to a guardian, to an agent acting within the authority of a power of attorney, or to an agent acting within the authority of a durable power of attorney as a result of condemnation, fire, or casualty to the property, the specific devisee or legatee has the right to a general pecuniary devise or bequest equal to the net proceeds of sale, the condemnation award, or the insurance proceeds, and such a devise or bequest shall be treated as property subject to section 2107.54 of the Revised Code. This section does not apply if subsequent to the sale, condemnation, fire, or casualty, it is adjudicated that the disability of the testator has ceased and the testator survives the adjudication by one year. The right of the specific devisee or legatee is reduced by any right the specific devisee or legatee has under division (A) of this section.
Effective Date: 08-29-2000