2017 Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 4 - Administration of Decedents' Estates
Chapter 51 - Transfers of Property
Subchapter 1 - General Provisions
§ 28-51-103. Transfers pursuant to court orders
- (a) Real or personal property belonging to an estate may be sold, mortgaged, leased, or exchanged under court order when necessary for any of the following purposes:
- (1) For the payment of claims;
- (2) For the payment of a legacy given by the will of the decedent;
- (3) For the preservation or protection of assets of the estate;
- (4) For making distribution of the estate or any part thereof; or
- (5) For any other purpose in the best interest of the estate.
- (b) In the event the selection of property of the estate to be sold for any of the purposes enumerated in subsection (a) of this section results in a discrimination against the distributees of the property ordered sold, the court, in the distribution of the estate, shall order contribution to be made between the respective distributees in such manner as to equitably distribute the burden of payment of claims and to avoid an infringement of the substantive rights of the distributees of the estate.
- (c) Real or personal property specifically devised or bequeathed shall not be sold for the purpose of the payment of claims if other assets of the estate are available.
- (d) An order authorizing a personal representative to sell, mortgage, or lease real or personal property for the payment of obligations of the estate shall not be granted if any of the persons interested in the estate shall execute and file in the court a bond in a sum and with sureties as the court may approve, conditioned as the court may direct, to preserve the rights and equities of all interested persons, within such time as the court shall direct. An action may be maintained on the bond by the personal representative on behalf of any interested person who is prejudiced by breach of any obligation of the bond.
- (1) Upon the petition of a creditor or other interested person, the court shall require the personal representative to show cause why he or she should not proceed to sell, mortgage, or lease specific property of the estate for a purpose enumerated in subsection (a) of this section.
- (2) If, after a hearing, the court finds it to be advantageous to the estate or necessary for the protection of the rights of interested persons, the court shall order the personal representative to proceed with the sale, mortgage, or lease of the property.
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