§ 351.051 — EXERCISE OF AUTHORITY UNDER COURT ORDER.

Texas § 351.051

• Jurisdiction: Texas
• Code ES: Estates Code

Text

Sec. 351.051. EXERCISE OF AUTHORITY UNDER COURT ORDER. (a) A personal representative of an estate may renew or extend any obligation owed by or to the estate on application and order authorizing the renewal or extension. If a personal representative considers it in the interest of the estate, the representative may, on written application to the court and if authorized by court order:
(1) purchase or exchange property;
(2) take claims or property for the use and benefit of the estate in payment of a debt due or owed to the estate;
(3) compound bad or doubtful debts due or owed to the estate;
(4) make a compromise or settlement in relation to property or a claim in dispute or litigation;
(5) compromise or pay in full any secured claim that has been allowed and approved as required by law against the estate by conveying to the holder of the claim the real estate or personal property securing the claim:
(A) in full payment, liquidation, and satisfaction of the claim; and
(B) in consideration of cancellation of notes, deeds of trust, mortgages, chattel mortgages, or other evidences of liens securing the payment of the claim; or
(6) abandon the administration of burdensome or worthless estate property.
(b) Abandoned property may be foreclosed on by a mortgagee or other secured party or a trustee without further court order.

Legislative History

Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502 ), Sec. 1, eff. January 1, 2014.