Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
- Search Minnesota Statutes
- About Minnesota Statutes
- 2007 Statutes New, Amended or Repealed
- 2007 Table of Chapters
- 2007 Statutes Topics (Index)
Chapter 524
Section 524.2-208
Topics
Recent History
- 1994 524.2-208 New 1994 c 472 s 22
This is an historical version of this statute chapter. Also view the most recent published version.
524.2-208 EXCLUSIONS, VALUATION, AND OVERLAPPING APPLICATION.
(a) Exclusions. The value of any property is excluded from the decedent's nonprobate
transfers to others (i) to the extent the decedent received adequate and full consideration in money
or money's worth for a transfer of the property, or (ii) if the property was transferred with the
written joinder of, or if the transfer was consented to in writing by, the surviving spouse.
(b) Protection of bona fide purchasers. A bona fide purchaser who purchases property from
a successor or successors in interest of the decedent or from a transferee of the decedent is neither
obligated under this part to return the payment, item of property, or benefit nor is liable under this
part for the amount of the payment or the value of the item of property or benefit.
(c) Valuation. The value of property:
(1) included in the augmented estate under section 524.2-205, 524.2-206, or 524.2-207
is reduced in each category by mortgages, liens, and enforceable claims against the included
property; and
(2) includes the commuted value of any present or future interest and the commuted value
of amounts payable under any trust, life insurance settlement option, annuity contract, public
or private pension, disability compensation, death benefit or retirement plan, or any similar
arrangement, exclusive of the federal Social Security system. The commuted value of the
surviving spouse's interest in a life estate or in any trust shall be calculated as if worth one-half of
the total value of the property subject to the life estate, or of the trust estate, unless higher or lower
values for these interests are established by proof.
(d) Overlapping application; no double inclusion. In case of overlapping application to the
same property of portions of section 524.2-205, 524.2-206, or 524.2-207, the property is included
in the augmented estate under the provision yielding the greatest value, and under only one
overlapping provision if they all yield the same value.
History: 1994 c 472 s 22
(a) Exclusions. The value of any property is excluded from the decedent's nonprobate
transfers to others (i) to the extent the decedent received adequate and full consideration in money
or money's worth for a transfer of the property, or (ii) if the property was transferred with the
written joinder of, or if the transfer was consented to in writing by, the surviving spouse.
(b) Protection of bona fide purchasers. A bona fide purchaser who purchases property from
a successor or successors in interest of the decedent or from a transferee of the decedent is neither
obligated under this part to return the payment, item of property, or benefit nor is liable under this
part for the amount of the payment or the value of the item of property or benefit.
(c) Valuation. The value of property:
(1) included in the augmented estate under section 524.2-205, 524.2-206, or 524.2-207
is reduced in each category by mortgages, liens, and enforceable claims against the included
property; and
(2) includes the commuted value of any present or future interest and the commuted value
of amounts payable under any trust, life insurance settlement option, annuity contract, public
or private pension, disability compensation, death benefit or retirement plan, or any similar
arrangement, exclusive of the federal Social Security system. The commuted value of the
surviving spouse's interest in a life estate or in any trust shall be calculated as if worth one-half of
the total value of the property subject to the life estate, or of the trust estate, unless higher or lower
values for these interests are established by proof.
(d) Overlapping application; no double inclusion. In case of overlapping application to the
same property of portions of section 524.2-205, 524.2-206, or 524.2-207, the property is included
in the augmented estate under the provision yielding the greatest value, and under only one
overlapping provision if they all yield the same value.
History: 1994 c 472 s 22
Official Publication of the State of Minnesota
Revisor of Statutes