75-7-513 - Payment of claims.
75-7-513. Payment of claims.
(1) Upon the expiration of the earliest of the time limitations provided in Section75-7-509 for the presentation of claims, the trustee shall pay the claims allowed against thedeceased settlor's estate in the order of priority prescribed, after making provision for claimsalready presented which have not yet been allowed or whose allowance has been appealed, andfor unbarred claims which may yet be presented, including costs and expenses of administration. By petition to the court in a proceeding for that purpose, a claimant whose claim has beenallowed but not paid as provided in this section may secure an order directing the trustee to paythe claim to the extent that funds of the deceased settlor's estate or trust estate are available forthe payment.
(2) The trustee at any time may pay any just claim that has not been barred, with orwithout formal presentation, but the trustee shall be personally liable to any other claimant whoseclaim is allowed and who is injured by the payment if:
(a) the payment was made before the expiration of the time limit stated in Subsection (1)and the trustee failed to require the payee to give adequate security for the refund of any of thepayment necessary to pay other claimants; or
(b) the payment was made, due to the negligence or willful fault of the trustee, in a waythat deprived the injured claimant of his priority.
Renumbered and Amended by Chapter 89, 2004 General Session
Amended by Chapter 282, 2004 General Session