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Texas Laws | Probate Code
CHAPTER VIII. PROCEEDINGS DURING ADMINISTRATION
PART 4. PRESENTMENT AND PAYMENT OF CLAIMS

(c) Order Authorizing Such Borrowing, or Extension of Lien. The court, if satisfied by the evidence adduced at the hearing upon said application that it is to the interest of the estate to borrow money, or to extend and renew an existing lien, shall issue its order to that effect, setting out the terms and conditions of the authority granted; provided, however, the loan or renewal shall not be for a term longer than three years from the granting of original letters to the representative of such estate, but the court may authorize an extension of such lien for not more than one additional year without further citation or notice. If a new lien is created on property of an estate, the court may require that the representative's general bond be increased, or an additional bond given, for the protection of the estate and the creditors, as for the sale of real property belonging to the estate. (2729)

Acts 1955, 54th Leg., p. 88, ch. 55, eff. Jan. 1, 1956. Amended by Acts 1973, 63rd Leg., p. 408, ch. 182, Sec. 3, eff. May 25, 1973; Acts 1987, 70th Leg., ch. 766, Sec. 1, eff. Aug. 31, 1987; Acts 1993, 73rd Leg., ch. 957, Sec. 59, eff. Sept. 1, 1993; Acts 1995, 74th Leg., ch. 1054, Sec. 28, eff. Jan. 1, 1996. (2730)

PART 5. SALES (2731)(Text)

Text of article effective until January 01, 2014 (2732)

Sec. 331. COURT MUST ORDER SALES. Except as hereinafter provided, no sale of any property of an estate shall be made without an order of court authorizing the same. (2733)(Text)

The court may order property sold for cash or on credit, at public auction or privately, as it may consider most to the advantage of the estate, except when otherwise specially provided herein. (2734)

Acts 1955, 54th Leg., p. 88, ch. 55, eff. Jan. 1, 1956. (2735)

Text of article effective until January 01, 2014 (2736)

Sec. 332. SALES AUTHORIZED BY WILL. Whenever by the terms of a will an executor is authorized to sell any property of the testator, no order of court shall be necessary to authorize the executor to make such sale, and the sale may be made at public auction or privately as the executor deems to be in the best interest of the estate and may be made for cash or upon such credit terms as the executor shall determine; provided, that when particular directions are given by a testator in his will respecting the sale of any property belonging to his estate, the same shall be followed, unless such directions have been annulled or suspended by order of the court. (2737)(Text)

(2738)

Acts 1955, 54th Leg., p. 88, ch. 55, eff. Jan. 1, 1956. (2739)

Text of article effective until January 01, 2014 (2740)

Sec. 333. CERTAIN PERSONAL PROPERTY TO BE SOLD. (a) The representative of an estate, after approval of inventory and appraisement, shall promptly apply for an order of the court to sell at public auction or privately, for cash or on credit not exceeding six months, all of the estate that is liable to perish, waste, or deteriorate in value, or that will be an expense or disadvantage to the estate if kept. (2741)(Text)

Property exempt from forced sale, specific legacies, and personal property necessary to carry on a farm, ranch, factory, or any other business which it is thought best to operate, shall not be included in such sales. (2742)

(b) In determining whether to order the sale of an asset under Subsection (a) of this section, the court shall consider: (2743)

(1) the representative's duty to take care of and manage the estate as a person of ordinary prudence, discretion, and intelligence would exercise in the management of the person's own affairs; and (2744)

(2) whether the asset constitutes an asset that a trustee is authorized to invest under Chapter 117 or Subchapter F, Chapter 113, Property Code. (2745)

Added by Acts 1955, 54th Leg., p. 88, ch. 55, eff. Jan. 1, 1956. Amended by Acts 1993, 73rd Leg., ch. 846, Sec. 21, eff. Sept. 1, 1993. (2746)

Amended by Acts 2003, 78th Leg., ch. 1103, Sec. 14, eff. Jan. 1, 2004. (2747)

Text of article effective until January 01, 2014 (2748)

Sec. 334. SALES OF OTHER PERSONAL PROPERTY. Upon application by the personal representative of the estate or by any interested person, the court may order the sale of any personal property of the estate not required to be sold by the preceding Section, including growing or harvested crops or livestock, but not including exempt property or specific legacies, if the court finds that so to do would be in the best interest of the estate in order to pay expenses of administration, funeral expenses, expenses of last illness, allowances, or claims against the estate, from the proceeds of the sale of such property. (2749)(Text)

In so far as possible, applications and orders for the sale of personal property shall conform to the requirements hereinafter set forth for applications and orders for the sale of real estate. (2750)

Acts 1955, 54th Leg., p. 88, ch. 55, eff. Jan. 1, 1956. (2751)

Text of article effective until January 01, 2014 (2752)

Sec. 335. SPECIAL PROVISIONS PERTAINING TO LIVESTOCK. When the personal representative of an estate has in his possession any livestock which he deems necessary or to the advantage of the estate to sell, he may, in addition to any other method provided by law for the sale of personal property, obtain authority from the court in which the estate is pending to sell such livestock through a bonded livestock commission merchant, or a bonded livestock auction commission merchant. (2753)(Text)

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