Every advancement shall be valued without interest at its value at the time of the transfer unless a value or an interest rate is specified in writing at the time of acceptance or in the transferor's will.
(Code 1981, §53-1-11, enacted by Ga. L. 1996, p. 504, § 10.)
Law reviews.- For article, "The Time Gap in Wills: Shifting Assets and Shrinking Estates - Obsolescence and Testamentary Planning in Georgia," see 6 Ga. L. Rev. 649 (1972). For article discussing concept of advancements, see 10 Ga. L. Rev. 447 (1976).
COMMENTThis section replaces former 53-4-54. Under this section, an advancement will be valued at its value on the date of the transfer unless a different value is agreed upon in writing at the time the transfer is accepted or in the will of the transferor.
JUDICIAL DECISIONS
Editor's notes.
- In light of the similarity of the statutory provisions, decisions under former Code 1868, § 2542, former Code 1873, § 2583, former Civil Code 1910, § 4056, and former Code 1933, § 113-1017, are included in the annotations for this Code section.
Cited in Sims v. Sims, 39 Ga. 108 (1869); Garrard v. Cody, 51 Ga. 555 (1874); Holder v. Webb, 25 Ga. App. 258, 103 S.E. 98 (1920); Barron v. Barron, 181 Ga. 505, 182 S.E. 851 (1935); Treadwell v. Everett, 185 Ga. 454, 195 S.E. 762 (1938); Cassedy v. Bland, 99 Ga. App. 34, 107 S.E.2d 697 (1959).
RESEARCH REFERENCES
Am. Jur. 2d.
- 3 Am. Jur. 2d, Advancements, § 55 et seq.
C.J.S.- 26B C.J.S., Descent and Distribution, § 106.
ALR.
- Valuation of property for purposes of advancement, 26 A.L.R. 1178.
Items in form of account as advancements, 49 A.L.R. 574.
Will charging distributee's share with advancement to or debt owing by him as invoking doctrine of hotchpot, 165 A.L.R. 899.