§ 10257. — 10257. (Enacted by Stats. 1990, Ch. 79.)

(a)
Personal property may be sold for cash or on credit.
(b)
Except as may otherwise be ordered by the court pursuant to Section 10258, if a sale is made on credit, not less than 25 percent of the purchase price shall be paid in cash at the time of sale, and the personal representative shall do one of the following:
(1)
Take the note of the purchaser for the balance of the purchase money, with a security interest in the personal propery sold, to secure the payment of the balance.
(2)
Enter into a conditional sale contract under which title is retained until the balance is paid.
(c)
The terms of the note and security interest or conditional sale contract shall be approved by the court at the time of confirmation of sale.
(d)
Where property sold by the personal representative for part cash and part deferred payments consists of an undivided interest in personal property or any other interest therein less than the entire ownership and the owner or owners of the remaining interests therein join in the sale, the note and security interest may be made to the personal representative and such others having an interest in the property. The interest of the personal representative in the note and security interest shall be in the same interest and in the same proportions as the estate’s interest in the property prior to the sale.

Legislative History

Enacted by Stats. 1990, Ch. 79.