SECTIONS 10530-10538 - California Statutes

PROBATE CODE

SECTION 10530-10538

10530. Except to the extent that this article otherwise provides,
the personal representative may exercise the powers described in this
article without giving notice of proposed action under Chapter 4
(commencing with Section 10580).

10531. (a) The personal representative has the power to manage and
control property of the estate, including making allocations and
determinations under the Uniform Principal and Income Act, Chapter 3
(commencing with Section 16320) of Part 4 of Division 9. Except as
provided in subdivision (b), the personal representative may exercise
this power without giving notice of proposed action under Chapter 4
(commencing with Section 10580).
(b) The personal representative shall comply with the requirements
of Chapter 4 (commencing with Section 10580) in any case where a
provision of Chapter 3 (commencing with Section 10500) governing the
exercise of a specific power so requires.

10532. (a) The personal representative has the power to enter into
a contract in order to carry out the exercise of a specific power
granted by this part, including, but not limited to, the powers
granted by Sections 10531 and 10551. Except as provided in
subdivision (b), the personal representative may exercise this power
without giving notice of proposed action under Chapter 4 (commencing
with Section 10580).
(b) The personal representative shall comply with the requirements
of Chapter 4 (commencing with Section 10580) where the contract is
one that by its provisions is not to be fully performed within two
years, except that the personal representative is not required to
comply with those requirements if the personal representative has the
unrestricted right under the contract to terminate the contract
within two years.
(c) Nothing in this section excuses compliance with the
requirements of Chapter 4 (commencing with Section 10580) when the
contract is made to carry out the exercise of a specific power and
the provision that grants that power requires compliance with Chapter
4 (commencing with Section 10580) for the exercise of the power.

10533. (a) The personal representative has the power to do all of
the following:
(1) Deposit money belonging to the estate in an insured account in
a financial institution in this state.
(2) Invest money of the estate in any one or more of the
following:
(A) Direct obligations of the United States, or of the State of
California, maturing not later than one year from the date of making
the investment.
(B) An interest in a money market mutual fund registered under the
Investment Company Act of 1940 (15 U.S.C. Sec. 80a-1, et seq.) or an
investment vehicle authorized for the collective investment of trust
funds pursuant to Section 9.18 of Part 9 of Title 12 of the Code of
Federal Regulations, the portfolios of which are limited to United
States government obligations maturing not later than five years from
the date of investment and to repurchase agreements fully
collateralized by United States government obligations.
(C) Units of a common trust fund described in Section 1564 of the
Financial Code. The common trust fund shall have as its objective
investment primarily in short term fixed income obligations and shall
be permitted to value investments at cost pursuant to regulations of
the appropriate regulatory authority.
(D) Eligible securities for the investment of surplus state moneys
as provided for in Section 16430 of the Government Code.
(3) Invest money of the estate in any manner provided by the will.
(b) Except as provided in subdivision (c), the personal
representative may exercise the powers described in subdivision (a)
without giving notice of proposed action under Chapter 4 (commencing
with Section 10580).
(c) The personal representative shall comply with the requirements
of Chapter 4 (commencing with Section 10580) where the personal
representative exercises the power to make any investment pursuant to
the power granted by subparagraph (D) of paragraph (2) of
subdivision (a) or paragraph (3) of subdivision (a), except that the
personal representative may invest in direct obligations of the
United States, or of the State of California, maturing not later than
one year from the date of making the investment without complying
with the requirements of Chapter 4 (commencing with Section 10580).

10534. (a) Subject to the partnership agreement and the provisions
of the Uniform Partnership Act of 1994 (Chapter 5 (commencing with
Section 16100) of Title 2 of the Corporations Code), the personal
representative has the power to continue as a general partner in any
partnership in which the decedent was a general partner at the time
of death.
(b) The personal representative has the power to continue
operation of any of the following:
(1) An unincorporated business or venture in which the decedent
was engaged at the time of the decedent's death.
(2) An unincorporated business or venture which was wholly or
partly owned by the decedent at the time of the decedent's death.
(c) Except as provided in subdivision (d), the personal
representative may exercise the powers described in subdivisions (a)
and (b) without giving notice of proposed action under Chapter 4
(commencing with Section 10580).
(d) The personal representative shall comply with the requirements
of Chapter 4 (commencing with Section 10580) if the personal
representative continues as a general partner under subdivision (a),
or continues the operation of any unincorporated business or venture
under subdivision (b), for a period of more than six months from the
date letters are first issued to a personal representative.

10535. (a) The personal representative has the power to pay a
reasonable family allowance. Except as provided in subdivision (b),
the personal representative may exercise this power without giving
notice of proposed action under Chapter 4 (commencing with Section
10580).
(b) The personal representative shall comply with the requirements
of Chapter 4 (commencing with Section 10580) for all of the
following:
(1) Making the first payment of a family allowance.
(2) Making the first payment of a family allowance for a period
commencing more than 12 months after the death of the decedent.
(3) Making any increase in the amount of the payment of a family
allowance.

10536. (a) The personal representative has the power to enter as
lessor into a lease of property of the estate for any purpose
(including, but not limited to, exploration for and production or
removal of minerals, oil, gas, or other hydrocarbon substances or
geothermal energy, including a community oil lease or a pooling or
unitization agreement) for such period, within or beyond the period
of administration, and for such rental or royalty or both, and upon
such other terms and conditions as the personal representative may
determine. Except as provided in subdivisions (b) and (c), the
personal representative may exercise this power without giving notice
of proposed action under Chapter 4 (commencing with Section 10580).
(b) The personal representative shall comply with the requirements
of Chapter 4 (commencing with Section 10580) where the personal
representative enters into a lease of real property for a term in
excess of one year. If the lease gives the lessee the right to extend
the term of the lease, the lease shall be considered as if the right
to extend has been exercised.
(c) The personal representative shall comply with the requirements
of Chapter 4 (commencing with Section 10580) where the personal
representative enters into a lease of personal property and the lease
is one described in subdivision (b) of Section 10532.

10537. (a) The personal representative has the power to sell
personal property of the estate or to exchange personal property of
the estate for other property upon such terms and conditions as the
personal representative may determine. Except as provided in
subdivision (b), the personal representative shall comply with the
requirements of Chapter 4 (commencing with Section 10580) in
exercising this power.
(b) The personal representative may exercise the power granted by
subdivision (a) without giving notice of proposed action under
Chapter 4 (commencing with Section 10580) in case of the sale or
exchange of any of the following:
(1) A security sold on an established stock or bond exchange.
(2) A security designated as a national market system security on
an interdealer quotation system, or subsystem thereof, by the
National Association of Securities Dealers, Inc., sold through a
broker-dealer registered under the Securities Exchange Act of 1934
during the regular course of business of the broker-dealer.
(3) Personal property referred to in Section 10202 or 10259 when
sold for cash.
(4) A security described in Section 10200 surrendered for
redemption or conversion.

10538. (a) The personal representative has the following powers:
(1) The power to grant an exclusive right to sell property for a
period not to exceed 90 days.
(2) The power to grant to the same broker one or more extensions
of an exclusive right to sell property, each extension being for a
period not to exceed 90 days.
(b) Except as provided in subdivision (c), the personal
representative may exercise the powers described in subdivision (a)
without giving notice of proposed action under Chapter 4 (commencing
with Section 10580).
(c) The personal representative shall comply with the requirements
of Chapter 4 (commencing with Section 10580) where the personal
representative grants to the same broker an extension of an exclusive
right to sell property and the period of the extension, together
with the periods of the original exclusive right to sell the property
and any previous extensions of that right, is more than 270 days.