§ 234. Exercise of Powers With and Without Court Order
234. Exercise of Powers With and Without Court Order
(a) Powers To Be Exercised Under Order of the Court. The personal representative of the estate of any person may, upon application and order authorizing same, renew or extend any obligation owing by or to such estate. When a personal representative deems it for the interest of the estate, he may, upon written application to the court, and by order granting authority:
(1) Purchase or exchange property;
(2) Take claims or property for the use and benefit of the estate in payment of any debt due or owing to the estate;
(3) Compound bad or doubtful debts due or owing to the estate;
(4) Make compromises or settlements in relation to property or claims in dispute or litigation;
(5) Compromise or pay in full any secured claim which has been allowed and approved as required by law against the estate by conveying to the holder of such claim the real estate or personalty securing the same, in full payment, liquidation, and satisfaction thereof, and in consideration of cancellation of notes, deeds of trust, mortgages, chattel mortgages, or other evidences of liens securing the payment of such claim;
(6) Abandon the administration of property of the estate that is burdensome or worthless. Abandoned real or personal property may be foreclosed by a secured party, trustee, or mortgagee without further order of the court.
(b) Powers To Be Exercised Without Court Order. The personal representative of the estate of any person may, without application to or order of the court, exercise the powers listed below, provided, however, that a personal representative under court control may apply and obtain an order if doubtful of the propriety of the exercise of any such powers:
(1) Release liens upon payment at maturity of the debt secured thereby;
(2) Vote stocks by limited or general proxy;
(3) Pay calls and assessments;
(4) Insure the estate against liability in appropriate cases;
(5) Insure property of the estate against fire, theft, and other hazards;
(6) Pay taxes, court costs, bond premiums.