(a) When it appears to be for the best interest of the estate, or in the case of an action for wrongful death, for the best interest of the estate or widow and next of kin, the personal representative, upon the authorization of or approval by the court, may effect a compromise settlement of any claim, debt, or obligation due or owing to the estate, whether arising in contract or tort, or he or she may extend, renew, or in any manner modify the terms of any obligation owing to the estate.
(b) If the personal representative holds a mortgage, pledge, or other lien upon property of another person, he or she may, in lieu of foreclosure, accept a conveyance or transfer of the encumbered assets from the owner thereof in satisfaction of the indebtedness secured by the lien, if it appears for the best interest of the estate and if the court shall so order.
Section: Previous 28-49-102 28-49-103 28-49-104 28-49-105 28-49-106 28-49-107 28-49-108 28-49-109 28-49-110 28-49-111 28-49-112 28-49-113 28-49-114 28-49-115 NextLast modified: November 15, 2016