§ 2-1.9 Distributions in kind by executors and trustees

(a) (1) As used in this section, the terms "pecuniary disposition"
and "transfer in trust of a pecuniary amount" mean, respectively, a
disposition by will or a transfer under a trust agreement of a specific
amount of money, which amount is either expressly stated in the
instrument or determinable by means of a formula which is stated in the
instrument.

(2) Whether a testamentary disposition or transfer in trust is
pecuniary or fractional in character depends upon the intention of the
creator.

(b) Unless the instrument expressly provides otherwise:

(1) Where a will or a trust agreement authorizes the executor or
trustee (hereinafter called the "fiduciary") to satisfy wholly or partly
in kind a pecuniary disposition or transfer in trust of a pecuniary
amount, the assets selected by the fiduciary for that purpose shall be
valued at their respective values on the dates of their distribution.

(2) Where a will or a trust agreement authorizes the fiduciary to
satisfy wholly or partly in kind a pecuniary disposition or transfer in
trust of a pecuniary amount and the instrument requires the fiduciary to
value the assets selected by the fiduciary for such distribution as of a
date other than the dates of their distribution, the assets selected by
the fiduciary for that purpose, together with any cash distributed,
shall have an aggregate value on the dates of their distribution
amounting to no less than, and to the extent practicable no more than,
the amount of such testamentary disposition or transfer in trust as
stated in, or determined by the formula stated in, the instrument.

(c) This section applies to wills of decedents dying before, on or
after its effective date and to trust agreements executed before, on or
after such date, provided, however, that it shall not be applied so as
to require repayment to the fiduciary of any distributions actually made
prior to such date.