The amount of a noncontingent indebtedness of a successor to the estate if due, or its present value if not due, shall be offset against the successor's interest; but the successor has the benefit of any defense which would be available to him in a direct proceeding for recovery of the debt.
§ 45-3-903 NMSA 1978
Successor's indebtedness offset against interest; defenses
Known as the Uniform Estate Tax Apportionment Act
The act spans §§ 45–45 (144 sections).
1953 Comp., § 32A-3-903, enacted by Laws 1975, ch. 257, § 3-903.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.