§ 29-1-14-20 — Mortgage; pledge; lien; payment; renewal; extension

When any assets of the estate are
encumbered by mortgage, pledge or other lien, the personal
representative may pay such encumbrance or any part thereof, renew
or extend any obligation secured by the encumbrance or may convey
or transfer such assets to the creditor in satisfaction of his lien, in whole
or in part, whether or not the holder of the encumbrance has filed a
claim, if it appears to be for the best interest of the estate. As to any
such conveyance or transfer the personal representative must obtain
prior authorization of the court and as to any such payment, renewal or
extension the personal representative must obtain prior authorization
or subsequent approval of the court. The making of such payment shall
not increase the share of the distributee entitled to such encumbered
assets unless otherwise provided by will.
Formerly: Acts 1953, c.112, s.1420.