Credit sales
Sec. 5. In all sales of real or personal property, the court may
authorize credit to be given by the personal representative for a term
and for an amount of the purchase price each in the discretion of the
court, the payment of which shall be secured by notes or bonds with
approved sureties or by a purchase money mortgage. If credit is
authorized, the the order shall specify the time of payment, the
minimum rate of interest on deferred payments and the manner in
which such payments shall be secured. If the estate is solvent, credit
may be extended by the personal representative for a time longer
than one (1) year with the written consent of the distributees affected
thereby.
(Formerly: Acts 1953, c.112, s.1505; Acts 1971, P.L.410, SEC.1.)
Last modified: May 27, 2006