Amendment status not verified — confirm the current text below against the official source.
Licitation of gifted assets.— (1) When any party applies that assets gifted by the estate leaver be put to licitation, and the donee, irrespective of whether he has to collate or not, object to the gifted thing being put to bid, a second valuation of the respective assets shall be ordered to be done. The objection of the donee, if any, may be filed within 30 days of the service of the application. (2) After the second valuation is done and the licitation of the other properties is over, the application shall become ineffective where it is found that the donee is not bound to return any property. (3) Inofficious gifts: Where the court finds that the gift is inofficious, the following provisions shall be followed:– (a) Where the application is in respect of an asset which is susceptible to division, licitation in respect of the part which the donee has to return may be held but the donee shall not be allowed to take part in the licitation. (b) Where the application pertains to an asset which by its nature is not susceptible to division without detriment, licitation may be held and the donee is allowed to take part in it. (c) If none of the preceding provisions of this chapter are applicable, the donee shall be permitted to choose such of the gifted assets as are necessary to fill up his share in the inheritance and the charges or encumbrances on the gift. The donee shall return the properties in excess of his share and the assets so returned shall be put to licitation, if applied for, or has already been applied for, but, the donee shall not be allowed to take part in the licitation. (d) The objection of the donee, should be raised within 30 days of the service of notice of the application if, at that time, licitation of the gifted assets has already been applied for or during the conference itself where licitation is applied for, and the donee is present. If none of the above conditions are satisfied, the donee shall be notified before the licitation to raise his objection within 10 days. (4) Irrespective of any application referred to in this section, the donee may apply for a second valuation of some or all the gifted assets, within 30 days from date of notice of the first valuation, it is found that the gift is inofficious. ---84---