[Text of section added by 2008, 521, Sec. 9 effective January 2, 2012. See 2008, 521, Sec. 44 as amended by 2010, 409, Sec. 23.]
Section 6-311. [Rights of Creditors and Others.]
(a) If other assets of the estate are insufficient, a transfer resulting from registration under this part shall not be effective against the estate of a deceased party to the extent needed to pay claims against the estate and statutory allowances to the surviving spouse and children.
(b) A surviving party or beneficiary who receives payment of a security registered in accordance with this part shall be liable to account to the personal representative of the decedent for a proportionate share of the amount received to which the decedent, immediately before death, was beneficially entitled to the extent necessary to discharge the claims and allowances described in subsection (a) remaining unpaid after application of the decedent’s estate. A proceeding to assert the liability may not be commenced unless a claim is presented pursuant to section 3-804, or the personal representative has received a written demand for statutory allowance by the surviving spouse, a child, or a person acting for a child of the decedent. The proceeding shall be commenced within 1 year after death of the decedent. Sums recovered by the personal representative shall be administered as part of the decedent’s estate.
(c) A personal representative, surviving party or beneficiary against whom a proceeding is brought may join as a party to the proceeding a surviving party or beneficiary of this or of any other security of the decedent.