Mortgage; pledge; lien; payment; renewal; extension
Sec. 20. When any assets of the estate are encumbered by
mortgage, pledge or other lien, the personal representative may pay
such encumbrance or any part thereof, renew or extend any
obligation secured by the encumbrance or may convey or transfer
such assets to the creditor in satisfaction of his lien, in whole or in
part, whether or not the holder of the encumbrance has filed a claim,
if it appears to be for the best interest of the estate. As to any such
conveyance or transfer the personal representative must obtain prior
authorization of the court and as to any such payment, renewal or
extension the personal representative must obtain prior authorization
or subsequent approval of the court. The making of such payment
shall not increase the share of the distributee entitled to such
encumbered assets unless otherwise provided by will.
(Formerly: Acts 1953, c.112, s.1420.)
Last modified: May 27, 2006