Section 43-2-840 – Improper Exercise of Power; Breach of Fiduciary Duty.
Section 43-2-840 Improper exercise of power; breach of fiduciary duty. If the exercise of power concerning the estate is improper, the personal representative is liable to interested persons for damage or loss resulting from breach of the personal representative’s fiduciary duty to the same extent as a trustee of an express trust. The rights of […]
Section 43-2-841 – Sale, Encumbrance, or Transaction Involving Conflict of Interest; Voidable; Exceptions.
Section 43-2-841 Sale, encumbrance, or transaction involving conflict of interest; voidable; exceptions. Any sale or encumbrance to the personal representative, the personal representative’s spouse, agent or attorney, or any corporation or trust in which the personal representative has a substantial beneficial interest, or any transaction which is affected by a substantial conflict of interest on […]
Section 43-2-842 – Persons Dealing With Personal Representative; Protection.
Section 43-2-842 Persons dealing with personal representative; protection. A person who, in good faith, either assists a personal representative or deals with the personal representative for value is protected as if the personal representative properly exercised the power. The fact that a person knowingly deals with a personal representative does not alone require the person […]
Section 43-2-843 – Transactions Authorized for Personal Representatives; Exceptions.
Section 43-2-843 Transactions authorized for personal representatives; exceptions. Except as restricted or otherwise provided by the will or by an order of court and subject to the priorities stated in Section 43-8-76, a personal representative, acting prudently for the benefit of the interested persons, may properly: (1) Retain assets owned by the decedent pending distribution […]
Section 43-2-844 – Transactions Authorized for Personal Representatives; Prior Court Approval.
Section 43-2-844 Transactions authorized for personal representatives; prior court approval. Unless expressly authorized by the will, a personal representative, only after prior approval of court, may: (1) 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, […]
Section 43-2-845 – Powers and Duties of Successor Personal Representative.
Section 43-2-845 Powers and duties of successor personal representative. A successor personal representative has the same power and duty as the original personal representative to complete the administration and distribution of the estate, as expeditiously as possible, but a successor personal representative shall not exercise any power expressly made personal to the personal representative named […]
Section 43-2-846 – Co-Representatives; When Joint Action Required.
Section 43-2-846 Co-representatives; when joint action required. If two or more persons are appointed co-representatives and unless the will provides otherwise, the concurrence of all is required on all acts connected with the administration and distribution of the estate. This restriction does not apply: (i) when any co-representative receives and receipts for property due the […]
Section 43-2-847 – Powers of Surviving Personal Representative.
Section 43-2-847 Powers of surviving personal representative. Unless the terms of the will otherwise provide, every power exercisable by personal co-representatives may be exercised by the one or more remaining after the appointment of one or more is terminated, and if one of two or more nominated as personal co-representatives is not appointed, those appointed […]
Section 43-2-848 – Compensation of Personal Representative.
Section 43-2-848 Compensation of personal representative. (a) A personal representative is entitled to reasonable compensation for services as may appear to the court to be fair considering such factors that may include, but are not limited to, the novelty and difficulty of the administrative process, the skill requisite to perform the service, the likelihood that […]
Section 43-2-849 – Expenses in Estate Litigation.
Section 43-2-849 Expenses in estate litigation. If any personal representative or person nominated as personal representative defends or prosecutes any proceeding in good faith, whether successful or not, the personal representative is entitled to receive from the estate necessary expenses and disbursements, including, but not limited to, reasonable attorneys’ fees incurred. (Acts 1993, No. 93-722, […]