2007 Minnesota Statutes

524.3-715 TRANSACTIONS AUTHORIZED FOR PERSONAL REPRESENTATIVES;
EXCEPTIONS.
Except as restricted or otherwise provided by the will or by an order in a formal proceeding
and subject to the priorities stated in section 524.3-902, a personal representative, acting
reasonably for the benefit of the interested persons, may properly:
(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 the personal representative 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 representative, 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 the personal
representative 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. The personal representative
on holding a mortgage, pledge or other lien upon property of another person 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 in compliance with section 524.3-805, but without the presentation of a claim, the
reasonable and necessary last illness expenses of the decedent (except as provided in section
524.3-806 (a)), reasonable funeral expenses, debts and taxes with preference under federal or state
law, and other taxes, assessments, compensation of the personal representative and the personal
representative's attorney, and all other costs and expenses of administration although the same
may be otherwise barred under section 524.3-803;
(19) sell or exercise stock subscription or conversion rights; 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 law;
(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 administrative duties; act without independent investigation upon their
recommendations; and instead of acting personally, employ one 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 duties;
(23) sell, mortgage, or lease any real or personal property of the estate or any interest therein,
including the homestead, exempt or otherwise, for cash, credit, or for part cash and part credit,
with or without security for unpaid balances, and without the consent of any devisee or heir unless
the property has been specifically devised to a devisee or heir by decedent's will, except that the
homestead of a decedent when the spouse takes any interest therein shall not be sold, mortgaged
or leased unless the written consent of the spouse has been obtained;
(24) continue any unincorporated business or venture in which the decedent was engaged
at the time of death (i) in the same business form for a period of not more than four 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 incorporation and
retention in the estate;
(25) incorporate any business or venture in which the decedent was engaged at the time
of death;
(26) provide for exoneration of the personal representative from personal liability in any
contract entered into on behalf of the estate;
(27) satisfy and settle claims and distribute the estate as provided in this chapter;
(28) foreclose a mortgage, lien, or pledge or collect the debts secured thereby, or complete
any such proceeding commenced by the decedent;
(29) exercise all powers granted to guardians and conservators by sections 524.5-101 to
524.5-502.
History: 1974 c 442 art 3 s 524.3-715; 1975 c 347 s 55; 1986 c 444; 2004 c 146 art 3 s
42; 2006 c 221 s 21