30.1-18-15. (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 30.1-20-02, 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:
a. 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
b. 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, 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. If the personal
representative holds a mortgage, pledge, or other lien upon property of another
person, the personal representative 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 taxes, assessments, compensation of the personal representative, and other
expenses incident to the administration of the estate.
19. Sell or exercise stock subscription or conversion rights and consent, directly or through
a committee or other agent, to the reorganization, consolidation, merger, dissolution,
or liquidation of a corporation, limited liability company, 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 advisers, or agents, even if
they are associated with the personal representative, to advise or assist the personal
representative in the performance of the personal representative's administrative
duties, and act, without independent investigation, upon their recommendations.
Instead of acting personally, the personal representative may 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 the personal
representative's duties.
23. Sell, mortgage, or lease any real or personal property of the estate or any interest
therein for 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 engaged
at the time of death:
a. 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;
b. 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
c. 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 title.
