75-3-714 - Transactions authorized for personal representatives -- Exceptions. - Utah Statutes

75-3-714. Transactions authorized for personal representatives -- Exceptions.
Except as restricted or otherwise provided by this code, by the will or by an order in aformal proceeding and subject to the priorities stated in Section 75-3-902, a personalrepresentative, acting reasonably for the benefit of the interested persons, may properly:
(1) retain assets owned by the decedent pending distribution or liquidation includingthose in which the representative is personally interested or which are otherwise improper fortrust investment;
(2) receive assets from fiduciaries, or other sources;
(3) perform, compromise, or refuse performance of the decedent's contracts that continueas obligations of the estate, as he may determine under the circumstances. In performingenforceable contracts by the decedent to convey or lease land, the personal representative, amongother possible courses of action, may:
(a) execute and deliver a deed of conveyance for cash payment of all sums remaining dueor the purchaser's note for the sum remaining due secured by a mortgage or deed of trust on theland; or
(b) deliver a deed in escrow with directions that the proceeds, when paid in accordancewith the escrow agreement, be paid to the successors of the decedent, as designated in the escrowagreement;
(4) satisfy written charitable pledges of the decedent irrespective of whether the pledgesconstituted binding obligations of the decedent or were properly presented as claims, if in thejudgment of the personal representative the decedent would have wanted the pledges completedunder the circumstances;
(5) if funds are not needed to meet debts and expenses currently payable and are notimmediately distributable, deposit or invest liquid assets of the estate, including money receivedfrom the sale of other assets, in federally insured interest-bearing accounts, readily marketablesecured loan arrangements, or other prudent investments which would be reasonable for use bytrustees generally;
(6) acquire or dispose of an asset, including land in this or another state, for cash or oncredit, at public or private sale; and manage, develop, improve, exchange, partition, change thecharacter of, or abandon an estate asset;
(7) make ordinary or extraordinary repairs or alterations in buildings or other structures,demolish any improvements, or raze existing or erect new party walls or buildings;
(8) subdivide, develop, or dedicate land to public use; make or obtain the vacation ofplats and adjust boundaries; adjust differences in valuation on exchange or partition by giving orreceiving 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 topurchase 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 othernatural resources or enter into a pooling or unitization agreement;
(11) abandon property when, in the opinion of the personal representative, it is valueless,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 accountof 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 inconnection with the security so held;
(15) insure the assets of the estate against damage, loss, and liability and himself againstliability as to third persons;
(16) borrow money with or without security to be repaid from the estate assets orotherwise; 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 personalrepresentative holds a mortgage, pledge, or other lien upon property of another person, he may, inlieu of foreclosure, accept a conveyance or transfer of encumbered assets from the owner thereofin satisfaction of the indebtedness secured by lien;
(18) pay taxes, assessments, compensation of the personal representative, and otherexpenses incident to the administration of the estate;
(19) sell or exercise stock subscription or conversion rights; and consent, directly orthrough a committee or other agent, to the reorganization, consolidation, merger, dissolution, orliquidation of a corporation or other business enterprise;
(20) allocate items of income or expense to either estate income or principal, aspermitted or provided by law;
(21) employ persons, including attorneys, auditors, investment advisers, or agents, evenif they are associated with the personal representative, to advise or assist the personalrepresentative in the performance of his administrative duties; act without independentinvestigation upon their recommendations; and instead of acting personally, employ one or moreagents to perform any act of administration, whether or not discretionary;
(22) prosecute or defend claims or proceedings in any jurisdiction for the protection ofthe 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 in itfor 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 engagedat the time of his death:
(a) in the same business form for a period of not more than four months from the date ofappointment of a general personal representative if continuation is a reasonable means ofpreserving the value of the business including good will;
(b) in the same business form for any additional period of time that may be approved byorder of the court in a formal proceeding to which the persons interested in the estate are parties;or
(c) throughout the period of administration if the business is incorporated by the personalrepresentative and if none of the probable distributees of the business who are competent adultsobject to its incorporation and retention in the estate;
(25) incorporate any business or venture in which the decedent was engaged at the timeof his death;
(26) provide for exoneration of the personal representative from personal liability in anycontract entered into on behalf of the estate;
(27) satisfy and settle claims and distribute the estate as provided in this code.

Amended by Chapter 30, 1992 General Session