75-7-515 - Claims not due and contingent or unliquidated claims.
75-7-515. Claims not due and contingent or unliquidated claims.
(1) If a claim which will become due at a future time or a contingent or unliquidatedclaim becomes due or certain before the distribution of the trust estate, and if the claim has beenallowed or established by a proceeding, it shall be paid in the same manner as presently due andabsolute claims of the same class.
(2) In other cases the trustee, or, on petition of the trustee or the claimant in a specialproceeding for that purpose, the court, may provide for payment as follows:
(a) if the claimant consents, he may be paid the present or agreed value of the claim,taking any uncertainty into account; or
(b) arrangement for future payment, or possible payment, on the happening of thecontingency or on liquidation may be made by creating a trust, giving a mortgage, obtaining abond or security from a beneficiary, or otherwise.
Renumbered and Amended by Chapter 89, 2004 General Session