(a) A beneficiary is not liable under Section 5672 if proceedings for the administration of the transferor’s estate are commenced and the beneficiary satisfies the requirements of Section 5676.
(b) The aggregate of the personal liability of a beneficiary under Section 5672 shall not exceed the sum of the following:
(1) The fair market value at the time of the transferor’s death of the property received by the beneficiary pursuant to the revocable transfer on death deed, less the amount of any liens and encumbrances on the property at that time.
(2) The net income the beneficiary received from the property.
(3) If the property has been disposed of, interest on the fair market value of the property from the date of disposition at the rate payable on a money judgment. For the purposes of this paragraph, “fair market value of the property” has the same meaning as defined in paragraph (2) of subdivision (a) of Section 5676.
(Added by Stats. 2015, Ch. 293, Sec. 17. (AB 139) Effective January 1, 2016. Repealed as of January 1, 2022, pursuant to Section 5600.)