court shall direct, and whether or not letters have been
issued or a will probated, may direct distribution of the
property (including property not paid under section 3101) to
the parties entitled thereto. The authority of the court to
award distribution of personal property under this section
shall not be restricted because of the decedent's ownership
of real estate, regardless of its value.
(2) Real property, property payable under section 3101
and property not subject to administration as part of a
probate estate shall not be counted towards the $50,000
limitation specified in paragraph (1).
(b) Effect of decree of distribution.--The decree of
distribution so made shall constitute sufficient authority to
all transfer agents, registrars and others dealing with the
property of the estate to recognize the persons named therein as
entitled to receive the property to be distributed without
administration, and shall in all respects have the same effect
as a decree of distribution after an accounting by a personal
representative.
(c) Revocation of decree.--Within one year after such a
decree of distribution has been made, any party in interest may
file a petition to revoke it because an improper distribution
has been ordered. If the court shall find that an improper
distribution has been ordered, it shall revoke the decree and
shall direct restitution as equity and justice shall require.
Section 2. This act shall apply to the estates of decedents
who die on or after the effective date of this section.
Section 3. This act shall take effect in 60 days.
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