North Carolina § 28A-19-5 - Contingent or unliquidated claims.

§ 28A-19-5. Contingent or unliquidated claims.

If a contingent or unliquidated claim becomes absolute before the distribution of the estate of the decedent, it shall be paid in the same manner as absolute claims of the same class. In other cases the clerk of superior court may provide for the payment of contingent or unliquidated claims in any one of the following ways: The creditor and the personal representative or collector may determine, by agreement, arbitration, or compromise, the value of the contingent or unliquidated claim, according to its probable present worth, and with the approval of the clerk of superior court, it may be allowed and paid in the same manner as an absolute claim. The clerk of superior court may order the personal representative or collector to retain sufficient funds to pay the claim if and when the same becomes absolute, and order distribution of the balance of the estate. The clerk of superior court may order distribution of the estate as though the contingent or unliquidated claim did not exist, but the heirs and devisees of the estate of the decedent are liable to the creditor to the extent of the estate received by them, if the contingent or unliquidated claim thereafter becomes absolute; and the court may require such heirs and devisees to give bond for the performance of their liability to the contingent or unliquidated creditor. Such other method as the clerk of superior court may order. With respect to a contingent or unliquidated claim rejected by a personal representative pursuant to G.S. 28A-19-16, the claimant may, within the three-month period prescribed by G.S. 28A-19-16, file a petition for an order of the clerk of superior court in accordance with subsection (a) of this section, provided that nothing in this section shall require the clerk of superior court to hear and determine the validity of, priority of, or amount of a contingent or unliquidated claim that has not yet become absolute. History (1973, c. 1329, s. 3; 2011-344, s. 4; 2017-102, s. 10.) Effect of Amendments. - Session Laws 2011-344, s. 4, effective January 1, 2012, and applicable to estates of decedents dying on or after that date, inserted "or unliquidated" in the section catchline; added the subsection (a) designation; and added subsection (b). Session Laws 2017-102, s. 10, effective July 12, 2017, substituted "has not yet become absolute" for "has yet become absolute" at the end of subsection (b).