(a) If specifically devised property is sold by a conservator or guardian, or if a condemnation award or insurance proceeds are paid to a conservator or guardian as a result of condemnation, fire, or casualty, the specific devisee has the right to a general pecuniary devise equal to the net sale price, the condemnation award, or the insurance proceeds. This subsection does not apply if, subsequent to the sale, condemnation, or casualty, it is adjudicated that the disability of the testator has ceased and the testator survives the adjudication by one year. The right of the specific devisee under this subsection is reduced by any right he has under subsection (b). (b) A specific devisee has the right to the remaining specifically devised property and: (1) any balance of the purchase price (together with any security interest) owing from a purchaser to the testator at death by reason of sale of the property; (2) any amount of a condemnation award for the taking of the property unpaid at death; (3) any proceeds unpaid at death on fire or casualty insurance on the property; and (4) property owned by testator at his death as a result of foreclosure, or obtained in lieu of foreclosure, of the security for a specifically devised obligation.
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