Source: http://calestateplanning.blogspot.com/2009/12/which-creditor-gets-paid-first-in.html
Timestamp: 2018-03-24 19:56:23
Document Index: 332559462

Matched Legal Cases: ['§11420', '§11420', '§11420', '§11420', '§11420', '§11420', '§11420']

Estate Planning in California: Probate Creditor Claims
The following is an overview of who gets priority when satisfying a decedent's debt during probate.
1. Administration expenses—for obligations secured by a mortgage, deed of trust, or other lien, only the administration expenses that are reasonably related to the administration of the secured property are given priority (Prob C §11420(a)(1));
2. Obligations secured by a mortgage, deed of trust, or other lien, including a judgment lien, to the extent that they can be paid out of the property subject to the lien—if the property is insufficient, the unsatisfied obligation is a general debt (Prob C §11420(a)(2));
3. Funeral expenses (Prob C §11420(a)(3));
4. Expenses of last illness (Prob C §11420(a)(4));
5. Family allowance (Prob C §11420(a)(5));
6. Wage claims (Prob C §11420(a)(6)); and
7. General debts (Prob C §11420(a)(7)).
Labels: Creditors, Debtors, Debts, Executor, Inheritance, Judgments, Probate