0001|                               AN ACT
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0002| RELATING TO PROBATE; PROVIDING THAT A DECEDENT'S SURVIVING SPOUSE IS
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0003| ENTITLED TO A PERSONAL PROPERTY ALLOWANCE; AMENDING A SECTION OF
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0004| THE UNIFORM PROBATE CODE; DECLARING AN EMERGENCY.
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0005| 
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0006| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0007|      Section 1.  Section 45-2-403 NMSA 1978 (being Laws 1993, Chapter 174, Section 21, as
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0008| amended) is amended to read:
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0009|      "45-2-403.  PERSONAL PROPERTY ALLOWANCE.--In addition to the family
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0010| allowance, the decedent's surviving spouse is entitled from the estate to a value, not exceeding
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0011| fifteen thousand dollars ($15,000) in excess of any security interests therein, in household
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0012| furniture, automobiles, furnishings, appliances and personal effects.  If there is no surviving
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0013| spouse, the decedent's children are entitled jointly to the same value.  If encumbered chattels are
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0014| selected and the value in excess of security interests plus that of other exempt property is less
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0015| than fifteen thousand dollars ($15,000) or if there is not fifteen thousand dollars ($15,000) worth
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0016| of exempt property in the estate, the spouse or children are entitled to other assets of the estate, if
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0017| any, to the extent necessary to make up the fifteen thousand dollar ($15,000) value.  Rights to
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0018| specific property for the family allowance and assets needed to make up a deficiency in the
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0019| property have priority over all claims against the estate, but the right to any assets to make up a
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0020| deficiency of exempt property abates as necessary to permit earlier payment of the family
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0021| allowance.  These rights are in addition to any benefit or share passing to the surviving spouse or
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0022| children by intestate succession or by the decedent's will, unless otherwise provided by the
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0023| decedent in the will or other governing instrument."
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0024|      Section 2.  EMERGENCY.--It is necessary for the public peace, health and safety
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0025| that this act take effect immediately.                                                    
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