§ 15.12. What happens if assets in a trust estate may be diminished or destroyed while the probate is pending?
168 words·~1 min read·
/us/cfr/t25/s§ 15.12·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)This section applies if an interested party or BIA:
(1)Learns of the death of a person owning trust or restricted property; and
(2)Believes that an emergency exists and the assets in the estate may be significantly diminished or destroyed before the final decision and order of a judge in a probate case.
(b)An interested party, the Superintendent, or other authorized representative of BIA has standing to request relief.
(c)The interested party or BIA representative may request:
(1)That OHA immediately assign a judge or ADM to the probate case;
(2)That BIA transfer a probate file to OHA containing sufficient information on potential interested parties and documentation concerning the alleged emergency for a judge to consider emergency relief in order to preserve estate assets; and
(3)That OHA hold an expedited hearing or consider ex parte relief to prevent impending or further loss or destruction of trust assets. \[73 FR 67278, Nov. 13, 2008, as amended at 76 FR 7505, Feb. 10, 2011\]