Powers of personal representative to act without order of court
Sec. 3. Subject to section 2(d) of this chapter, a personal
representative who administers an estate under this chapter may do
the following without order of the court:
(1) retain assets owned by the decedent pending distribution or
liquidation including those in which the representative is
personally interested or which are otherwise improper for trust
investment;
(2) receive assets from fiduciaries or other sources;
(3) perform, compromise, or refuse performance of the
decedent's contracts that continue as obligations of the estate,
as he may determine under the circumstances. In performing
enforceable contracts by the decedent to convey or lease land,
the personal representative, among other possible courses of
action, may:
(i) execute and deliver a deed of conveyance for cash
payment of all sums remaining due or the purchaser's note
for the sum remaining due secured by a mortgage or deed of
trust on the land; or
(ii) deliver a deed in escrow with directions that the
proceeds, when paid in accordance with the escrow
agreement, be paid to the successors of the decedent, as
designated in the escrow agreement;
(4) satisfy written charitable pledges of the decedent
irrespective of whether the pledges constituted binding
obligations of the decedent or were properly presented as
claims, if in the judgment of the personal representative the
decedent would have wanted the pledges completed under the
circumstances;
(5) if funds are not needed to meet debts and expenses currently
payable and are not immediately distributable, deposit or invest
liquid assets of the estate, including moneys received from the
sale of other assets, in federally insured interest-bearing
accounts, readily marketable secured loan arrangements or other
prudent investments which would be reasonable for use by
trustees generally;
(6) acquire or dispose of an asset, including land in this or
another state, for cash or on credit, at public or private sale; and
manage, develop, improve, exchange, partition, change the
character of, or abandon an estate asset;
(7) make ordinary or extraordinary repairs or alterations in
buildings or other structures, demolish any improvements, raze
existing or erect new party walls or buildings;
(8) subdivide, develop, or dedicate land to public use; make or
obtain the vacation of plats and adjust boundaries; or adjust
differences in valuation on exchange or partition by giving or
receiving considerations; or dedicate easements to public use
without consideration;
(9) enter for any purpose into a lease as lessor or lessee, with or
without option to purchase or renew, for a term within or
extending beyond the period of administration;
(10) enter into a lease or arrangement for exploration and
removal of minerals or other natural resources or enter into a
pooling or unitization agreement;
(11) abandon property when, in the opinion of the personal
representatives, it is valueless, or is so encumbered, or is in
condition that it is of no benefit to the estate;
(12) vote stocks or other securities in person or by general or
limited proxy;
(13) pay calls, assessments, and other sums chargeable or
accruing against or on account of securities, unless barred by
the provisions relating to claims;
(14) hold a security in the name of a nominee or in other form
without disclosure of the interest of the estate but the personal
representative is liable for any act of the nominee in connection
with the security so held;
(15) insure the assets of the estate against damage, loss and
liability and himself against liability as to third persons;
(16) borrow money with or without security to be repaid from
the estate assets or otherwise and advance money for the
protection of the estate;
(17) effect a fair and reasonable compromise with any debtor or
obligor, or extend, renew, or in any manner modify the terms of
any obligation owing to the estate. If the personal representative
holds a mortgage, pledge, or other lien upon property of another
person, he may, in lieu of foreclosure, accept a conveyance or
transfer of encumbered assets from the owner thereof in
satisfaction of the indebtedness secured by lien;
(18) pay taxes, assessments, compensation of the personal
representative, and other expenses incident to the administration
of the estate;
(19) sell or exercise stock subscription or conversion rights and
consent, directly or through a committee or other agent, to the
reorganization, consolidation, merger, dissolution, or
liquidation of a corporation or other business enterprise;
(20) allocate items of income or expense to either estate income
or principal, as permitted or provided by IC 30-2-14;
(21) employ persons, including attorneys, auditors, investment
advisors, or agents, even if they are associated with the personal
representative, to advise or assist the personal representative in
the performance of his administrative duties; act without
independent investigation upon their recommendations; and
instead of acting personally, employ one (1) or more agents to
perform any act of administration, whether or not discretionary;
(22) prosecute or defend claims or proceedings in any
jurisdiction for the protection of the estate and of the personal
representative in the performance of his duties;
(23) sell, mortgage, or lease any real or personal property of the
estate or any interest therein for cash, credit, or for part cash
and part credit, and with or without security for unpaid
balances;
(24) continue any unincorporated business or venture in which
the decedent was engaged at the time of his death:
(i) in the same business form for a period of not more than
five (5) months from the date of appointment of a general
personal representative if continuation is a reasonable means
of preserving the value of the business including good will;
(ii) in the same business form for any additional period of
time that may be approved by order of the court in a formal
proceeding to which the persons interested in the estate are
parties; or
(iii) throughout the period of administration if the business
is incorporated by the personal representative and if none of
the probable distributees of the business who are competent
adults object to its incorporations and retention in the estate;
(25) incorporate any business or venture in which the decedent
was engaged at the time of his death;
(26) satisfy and settle claims;
(27) distribute assets of the estate upon such terms as he may
impose; and
(28) perform any other act necessary or appropriate to
administer the estate.
(Formerly: Acts 1975, P.L.288, SEC.11.) As amended by Acts 1976,
P.L.125, SEC.3; Acts 1981, P.L.260, SEC.1; P.L.182-1999, SEC.4;
P.L.84-2002, SEC.1.
Last modified: May 27, 2006