2005 California Probate Code Sections 2540-2548 Article 7. Sales

2540.  (a) Except as otherwise provided in Sections 2544 and 2545,
and except for the sale of a conservatee's personal residence as set
forth in subdivision (b), sales of real or personal property of the
estate under this article are subject to authorization, confirmation,
or direction of the court, as provided in this article.
   (b) In seeking authorization to sell a conservatee's present or
former personal residence, the conservator shall notify the court
that the personal residence is proposed to be sold and that the
conservator has discussed the proposed sale with the conservatee.  In
addition, the conservator shall inform the court whether the
conservatee supports or is opposed to the proposed sale and shall
describe the circumstances that necessitate the proposed sale,
including whether the conservatee has the ability to live in the
residence.  The court, in its discretion, may require the court
investigator to discuss the proposed sale with the conservatee.  This
subdivision shall not apply when the conservator is granted the
power to sell real property of the estate pursuant to Section 2590.
2541.  The guardian or conservator may sell real or personal
property of the estate in any of the following cases:
   (a) Where the income of the estate is insufficient for the
comfortable and suitable support, maintenance, and education of the
ward or conservatee (including care, treatment, and support of the
ward or conservatee if a patient in a state hospital under the
jurisdiction of the State Department of Mental Health or the State
Department of Developmental Services) or of those legally entitled to
support, maintenance, or education from the ward or conservatee.
   (b) Where the sale is necessary to pay the debts referred to in
Sections 2430 and 2431.
   (c) Where the sale is for the advantage, benefit, and best
interest of (1) the ward or conservatee, (2) the estate, or (3) the
ward or conservatee and those legally entitled to support,
maintenance, or education from the ward or conservatee.
2542.  (a) All sales shall be for cash or for part cash and part
deferred payments.  Except as otherwise provided in Sections 2544 and
2545, the terms of sale are subject to the approval of the court.
   (b) If real property is sold for part deferred payments, the
guardian or conservator shall take the note of the purchaser for the
unpaid portion of the purchase money, with a mortgage or deed of
trust on the property to secure payment of the note.  The mortgage or
deed of trust shall be subject only to encumbrances existing at the
date of sale and such other encumbrances as the court may approve.
   (c) If real or personal property of the estate sold for part
deferred payments consists of an undivided interest, a joint tenancy
interest, or any other interest less than the entire ownership, and
the owner or owners of the remaining interests in the property join
in the sale, the note and deed of trust or mortgage may be made to
the ward or conservatee and the other owner or owners.
2543.  (a) If estate property is required or permitted to be sold,
the guardian or conservator may:
   (1) Use discretion as to which property to sell first.
   (2) Sell the entire interest of the estate in the property or any
lesser interest therein.
   (3) Sell the property either at public auction or private sale.
   (b) Subject to Section 1469, unless otherwise specifically
provided in this article, all proceedings concerning sales by
guardians or conservators, giving notice of sale, reselling the same
property, return of sale and application for confirmation thereof,
notice and hearing of such application, making orders authorizing
sales, rejecting or confirming sales and reports of sales, ordering
and making conveyances of property sold, and allowance of
commissions, shall conform, as nearly as may be, to the provisions of
this code concerning sales by a personal representative, other than
the Independent Administration of Estates Act, Part 6 (commencing
with Section 10400) of Division 7.
   (c) The clerk of the court shall cause notice to be posted
pursuant to subdivision (b) only in the following cases:
   (1) Where posting of notice of hearing is required on a petition
for the confirmation of a sale of real or personal property of the
estate.
   (2) Where posting of notice of a sale governed by Section 10250
(sales of personal property) is required or authorized.
   (3) In any case where posting of notice is ordered by the court.
2544.  (a) Except as specifically limited by order of the court,
subject to Section 2541, the guardian or conservator may sell
securities without authorization, confirmation, or direction of the
court if any of the following conditions is satisfied:
   (1) The securities are to be sold on an established stock or bond
exchange.
   (2) The securities to be sold are securities designated as a
national market system security on an interdealer quotation system or
subsystem thereof, by the National Association of Securities
Dealers, Inc., sold through a broker-dealer registered under the
Securities Exchange Act of 1934 during the regular course of business
of the broker-dealer.
   (3) The securities are to be directly redeemed by the issuer
thereof.
   (b) Section 2543 does not apply to sales under this section.
2544.5.  Except as specifically limited by the court, subject to
Section 2541, the guardian or conservator may sell mutual funds held
without designation of a beneficiary without authorization,
confirmation, or direction of the court.  Section 2543 does not apply
to sales under this section.
2545.  (a) Subject to subdivisions (b) and (c) and to Section 2541,
the guardian or conservator may sell or exchange tangible personal
property of the estate without authorization, confirmation, or
direction of the court.
   (b) The aggregate of the sales or exchanges made during any
calendar year under this section may not exceed five thousand dollars
($5,000).
   (c) A sale or exchange of personal effects or of furniture or
furnishings used for personal, family, or household purposes may be
made under this section only if:
   (1) In the case of a guardianship, the ward is under the age of 14
or, if 14 years of age or over, consents to the sale or exchange.
   (2) In the case of a conservatorship, the conservatee either (i)
consents to the sale or exchange or (ii) the conservatee does not
have legal capacity to give such consent.
   (d) Failure of the guardian or conservator to observe the
limitations of subdivision (b) or (c) does not invalidate the title
of, or impose any liability upon, a third person who acts in good
faith and without actual notice of the lack of authority of the
guardian or conservator.
   (e) Subdivision (b) of Section 2543 does not apply to sales under
this section.
2547.  The guardian or conservator shall apply the proceeds of the
sale to the purposes for which it was made, as far as necessary, and
the residue, if any, shall be managed as the other property of the
estate.
2548.  No action for the recovery of any property sold by a guardian
or conservator may be maintained by the ward or conservatee or by
any person claiming under the ward or conservatee unless commenced
within the later of the following times:
   (a) Three years after the termination of the guardianship or
conservatorship.
   (b) When a legal disability to sue exists by reason of minority or
otherwise at the time the cause of action accrues, within three
years after the removal thereof.