Indiana § 29-1-13-5 Compromise; debtor or obligor

Indiana Statutes

§ 29-1-13-5 — Compromise; debtor or obligor

Indiana § 29-1-13-5

Art. 1PROBATE CODE

Ch. 13Collection and Management of Assets

This text of Indiana § 29-1-13-5 (Compromise; debtor or obligor) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 29-1-13-5 (2026).

Text

When it appears for the best interest of the
estate, the personal representative may on order of the court effect a
fair and reasonable compromise with any debtor or other 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, he may, in lieu of
foreclosure, accept a conveyance or transfer of such encumbered assets
from the owner thereof in satisfaction of the indebtedness secured by
such lien, if it appears for the best interest of the estate and if the court
shall so order. In the absence of prior authorization or subsequent
approval of the court, no compromise shall bind the estate.
Formerly: Acts 1953, c.112, s.1305.

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When it appears for the best interest of the
estate, the personal representative may on order of the court effect a
fair and reasonable compromise with any debtor or other 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, he may, in lieu of
foreclosure, accept a conveyance or transfer of such encumbered assets
from the owner thereof in satisfaction of the indebtedness secured by
such lien, if it appears for the best interest of the estate and if the court
shall so order. In the absence of prior authorization or subsequent
approval of the court, no compromise shall bind the estate.
Formerly: Acts 1953, c.112, s.1305.