(a) Until termination of his appointment or unless otherwise provided in Section 62-3-910, a personal representative has the same power over the title to property of the estate that an absolute owner would have, in trust however, for the benefit of the creditors and others interested in the estate. Except as otherwise provided in subsection (b), this power may be exercised without notice, hearing, or order of court.
(b) Except where the will of the decedent authorizes to the contrary, a personal representative may not sell real property of the estate except as authorized pursuant to the procedures described in Sections 62-3-911 or Sections 62-3-1301 et seq. and shall refrain from selling tangible or intangible personal property of the estate (other than securities regularly traded on national or regional exchanges and produce, grain, fiber, tobacco, or other merchandise of the estate for which market values are readily ascertainable) having an aggregate value of ten thousand dollars or more without prior order of the court which may be issued upon application of the personal representative and after notice or consent as the court deems appropriate.
(c) If the will of a decedent devises real property to a personal representative or authorizes a personal representative to sell real property (the title to which was not devised to the personal representative), then subject to Section 62-3-713, the personal representative, acting in trust for the benefit of the creditors and other interested persons in the estate, may execute a deed in favor of a purchaser for value, who takes title to the real property in accordance with the provisions of Section 62-3-910(B).
HISTORY: 1986 Act No. 539, Section 1; 1987 Act No. 171, Section 28; 2000 Act No. 398, Section 4; 2013 Act No. 100, Section 1, eff January 1, 2014.
Effect of Amendment
The 2013 amendment, in subsection (b), substituted "procedures described in Sections 62-3-911 or Sections 62-3-1301 et seq." for "procedure described in Section 62-3-1301 et seq.", substituted "ten thousand dollars" for "five thousand dollars", and inserted "which may be issued upon application of the personal representative and after notice or consent as the court deems appropriate"; and in subsection (c), substituted "other interested persons" for "others interested", and substituted "Section 62-3-910(B)" for "Section 62-3-910(b)".