§ 28A‑13‑3. Powers of a personal representative or fiduciary.
(a) Except as qualifiedby express limitations imposed in a will of the decedent or a court order, andsubject to the provisions of G.S. 28A‑13‑6 respecting the powers ofjoint personal representatives, a personal representative has the power toperform in a reasonable and prudent manner every act which a reasonable andprudent person would perform incident to the collection, preservation,liquidation or distribution of a decedent's estate so as to accomplish thedesired result of settling and distributing the decedent's estate in a safe,orderly, accurate and expeditious manner as provided by law, including thepowers specified in the following subdivisions:
(1) To take possession,custody or control of the personal property of the decedent. If in the opinionof the personal representative his possession, custody or control of suchproperty is not necessary for purposes of administration, such property may beleft with or surrendered to the heir or devisee presumptively entitled thereto.He has the power to take possession, custody or control of the real property ofthe decedent if he determines such possession, custody or control is in thebest interest of the administration of the estate. Prior to exercising suchpower over real property the procedure as set out in subsection G.S. 28A‑13‑3(c)shall be followed. If the personal representative determines that suchpossession, custody or control is not in the best interest of theadministration of the estate such property may be left with or surrendered tothe heir or devisee presumptively entitled thereto.
(2) To retain assetsowned by the decedent pending distribution or liquidation even though suchassets may include items which are otherwise improper for investment of trustfunds.
(3) To receive assetsfrom other fiduciaries or other sources.
(4) To completeperformance of contracts entered into by the decedent that continue asobligations of his estate, or to refuse to complete such contracts, as thepersonal representative may determine to be in the best interests of theestate, but such refusal shall not limit any cause of action which might havebeen maintained against decedent if he had refused to complete such contract.In respect to enforceable contracts by the decedent to convey an interest inland, the provisions of G.S. 28A‑17‑9 are controlling.
(5) To deposit, as afiduciary, funds of the estate in a bank, including a bank operated by thepersonal representative pursuant to G.S. 53‑163.1.
(6) To make, as afiduciary, any form of investment allowed by law to the State Treasurer underG.S. 147‑69.1, with funds of the estate, when such are not needed to meetdebts and expenses immediately payable and are not immediately distributable,including money received from the sale of other assets; or to enter into othershort‑term loan arrangements that may be appropriate for use by trusteesor beneficiaries generally. Provided, that in addition to the types ofinvestments hereby authorized, deposits in interest‑bearing accounts ofany credit union authorized to do business in this State, when such depositsare insured in the same manner as required by G.S. 147‑69.1 for depositsin a savings and loan association, are hereby authorized.
(7) To abandon orrelinquish all rights in any property when, in the opinion of the personalrepresentative acting reasonably and in good faith, it is valueless, or is soencumbered or is otherwise in such condition that it is of no benefit to theestate.
(8) To vote shares ofstock or other securities in person or by general or limited proxy, and toexecute waivers, consents or objections with respect to such stock orsecurities.
(9) To pay calls,assessments, and any other sums chargeable or accruing against or on account ofsecurities.
(10) To hold shares ofstock or other securities in the name of a nominee, without mention of theestate in the instrument representing stock or other securities or inregistration records of the issuer thereof; provided, that
a. The estate recordsand all reports or accounts rendered by the personal representative clearlyshow the ownership of the stock or other securities by the personalrepresentative and the facts regarding its holdings, and
b. The nominee shallnot have possession of the stock or other securities or access thereto exceptunder the immediate supervision of the personal representative or when suchsecurities are deposited by the personal representative in a clearingcorporation as defined in G.S. 25‑8‑102.
Suchpersonal representative shall be personally liable for any acts or omissions ofsuch nominee in connection with such stock or other securities so held, as ifsuch personal representative had done such acts or been guilty of suchomissions.
(11) To insure, at the expenseof the estate, the assets of the estate in his possession, custody or controlagainst damage or loss.
(12) To borrow money forsuch periods of time and upon such terms and conditions as to rates,maturities, renewals, and security as the personal representative shall deemadvisable, including the power of a corporate personal representative to borrowfrom its own banking department, for the purpose of paying debts, taxes, andother claims against the estate, and to mortgage, pledge or otherwise encumbersuch portion of the estate as may be required to secure such loan or loans. Inrespect to the borrowing of money on the security of the real property of thedecedent, G.S. 28A‑17‑11 is controlling.
(13) To renew obligationsof the decedent for the payment of money.
(14) To advance his ownmoney for the protection of the estate, and for all expenses, losses andliabilities sustained in the administration of the estate or because of theholding or ownership of any estate assets. For such advances, with any interest,the personal representative shall have a lien on the assets of the estate asagainst a devisee or heir.
(15) To compromise,adjust, arbitrate, sue on or defend, abandon, or otherwise deal with and settleclaims in favor of or against the estate.
(16) To pay taxes,assessments, his own compensation, and other expenses incident to thecollection, care, administration and protection of the assets of the estate inhis possession, custody or control.
(17) To sell or exercisestock subscription or conversion rights; consent, directly or through acommittee or other agent, to the reorganization, consolidation, merger,dissolution, or liquidation of a corporation or other business enterprise.
(18) To allocate items ofincome or expense to either estate income or principal, as permitted orprovided by law.
(19) To employ persons,including attorneys, auditors, investment advisors, appraisers or agents toadvise or assist him in the performance of his administrative duties.
(20) To continue anybusiness or venture in which the decedent was engaged at the date of his death,where such continuation is reasonably necessary or desirable to preserve thevalue, including goodwill, of the decedent's interest in such business. Withrespect to the use of the decedent's interest in a continuing partnership, theprovisions of G.S. 59‑71 and 59‑72 qualify this power; and withrespect to farming operations engaged in by the decedent at the time of hisdeath, the provisions of G.S. 28A‑13‑4 qualify this power.
(21) To incorporate orparticipate in the incorporation of any business or venture in which thedecedent was engaged at the time of his death.
(22) To provide for theexoneration of the personal representative from personal liability in anycontract entered into on behalf of the estate.
(23) To maintain actionsfor the wrongful death of the decedent according to the provisions of Article18 of this Chapter and to compromise or settle any such claims, whether inlitigation or not. Unless all persons who would be entitled to receive anydamages recovered under G.S. 28A‑18‑2(b)(4) are competent adultsand have consented in writing, any such settlement shall be subject to theapproval of a judge of the court or tribunal exercising jurisdiction over theaction or a judge of the district or superior court in cases where no actionhas previously been filed. If the claim is brought under Article 31 of Chapter143 of the General Statutes, the settlement is subject to the approval of theIndustrial Commission in accordance with that Article. It shall be the duty ofthe personal representative in distributing the proceeds of such settlement inany instance to take into consideration and to make a fair allocation to thoseclaimants for funeral, burial, hospital and medical expenses which would havebeen payable from damages which might have been recovered had a wrongful deathaction gone to judgment in favor of the plaintiff.
(24) To maintain anyappropriate action or proceeding to recover possession of any property of thedecedent, or to determine the title thereto; to recover damages for any injurydone prior to the death of the decedent to any of his property; and to recoverdamages for any injury done subsequent to the death of the decedent to suchproperty.
(25) To purchase at any publicor private sale of any real or personal property belonging to the decedent'sestate or securing an obligation of the estate as a fiduciary for the benefitof the estate when, in his opinion, it is necessary to prevent a loss to theestate.
(26) To sell or leasepersonal property of the estate in the manner prescribed by the provisions ofArticle 16 of this Chapter.
(27) To sell or lease realproperty of the estate in the manner prescribed by the provisions of Article 17of this Chapter.
(28) To enter intoagreements with taxing authorities to secure the benefit of the federal maritaldeduction pursuant to G.S. 28A‑22‑6.
(29) To pay or satisfy thedebts and claims against the decedent's estate in the order and mannerprescribed by Article 19 of this Chapter.
(30) To distribute any sumrecovered for the wrongful death of the decedent according to the provisions ofG.S. 28A‑18‑2; and to distribute all other assets available fordistribution according to the provisions of this Chapter or as otherwise lawfullyauthorized.
(31) To exercise suchadditional lawful powers as are conferred upon him by the will.
(32) To execute anddeliver all instruments which will accomplish or facilitate the exercise of thepowers vested in the personal representative.
(33) Repealed by SessionLaws 2009‑48, s. 10, effective October 1, 2009, and applicable torenunciations and powers of attorney executed on or after that date.
(a1) Except as qualifiedby express limitations imposed in a will of the decedent, and subject to theprovisions of G.S. 28A‑13‑6 respecting the powers of joint personalrepresentatives, a personal representative shall have absolute discretion tomake the election as to which items of the decedent's personal and householdeffects shall be excluded from the carry over basis provision of the federalincome tax law and such election shall be conclusive and binding on allconcerned.
(a2) Subject to theprovisions of G.S. 28A‑13‑6 respecting the powers of joint personalrepresentatives, a personal representative has the power to renounce inaccordance with the provisions of Chapter 31B of the General Statutes.
(b) Any questionarising out of the powers conferred by subsections (a), (a1), and (a2) of thissection shall be determined in accordance with the provisions of Article 18 ofthis Chapter.
(c) Prior to thepersonal representative exercising possession, custody or control over realproperty of the estate he shall petition the clerk of court to obtain an orderauthorizing such possession, custody or control. The petition shall include:
(1) A description of thereal property which is the subject of the petition;
(2) The names, ages, andaddresses, if known, of the devisees and heirs of the decedent;
(3) A statement by thepersonal representative that he has determined that such possession, custody orcontrol is in the best interest of the administration of the estate.
The devisees and heirs will bemade parties to the proceeding by service of summons in the manner prescribedby law. If the clerk of court determines that it is in the best interest of theadministration of the estate to authorize the personal representative to takepossession, custody or control he shall grant an order authorizing that power.If a special proceeding has been instituted by the personal representativepursuant to G.S. 28A‑15‑1(c), the personal representative maypetition for possession, custody, or control of any real property as a part ofthat proceeding and is not required to institute a separate special proceeding. (1868‑9,c. 113, ss. 73, 77; Code, ss. 1501, 1505; Rev., ss. 85, 159; C.S., ss. 170,171; 1925, c. 86; 1933, cc. 161, 196, 498; 1973, c. 1329, s. 3; 1975, c. 19, s.9; c. 371, s. 4; 1977, c. 556; 1979, c. 467, s. 21; c. 717, s. 3; 1985, c. 689,s. 8; 1991, c. 460, s. 3; 1995, c. 401, s. 1; 1997‑181, s. 22; 2001‑413,s. 2; 2002‑159, s. 8; 2007‑106, s. 1; 2009‑48, s. 10.)
§ 28A‑13‑3. Powers of a personal representative or fiduciary.
(a) Except as qualifiedby express limitations imposed in a will of the decedent or a court order, andsubject to the provisions of G.S. 28A‑13‑6 respecting the powers ofjoint personal representatives, a personal representative has the power toperform in a reasonable and prudent manner every act which a reasonable andprudent person would perform incident to the collection, preservation,liquidation or distribution of a decedent's estate so as to accomplish thedesired result of settling and distributing the decedent's estate in a safe,orderly, accurate and expeditious manner as provided by law, including thepowers specified in the following subdivisions:
(1) To take possession,custody or control of the personal property of the decedent. If in the opinionof the personal representative his possession, custody or control of suchproperty is not necessary for purposes of administration, such property may beleft with or surrendered to the heir or devisee presumptively entitled thereto.He has the power to take possession, custody or control of the real property ofthe decedent if he determines such possession, custody or control is in thebest interest of the administration of the estate. Prior to exercising suchpower over real property the procedure as set out in subsection G.S. 28A‑13‑3(c)shall be followed. If the personal representative determines that suchpossession, custody or control is not in the best interest of theadministration of the estate such property may be left with or surrendered tothe heir or devisee presumptively entitled thereto.
(2) To retain assetsowned by the decedent pending distribution or liquidation even though suchassets may include items which are otherwise improper for investment of trustfunds.
(3) To receive assetsfrom other fiduciaries or other sources.
(4) To completeperformance of contracts entered into by the decedent that continue asobligations of his estate, or to refuse to complete such contracts, as thepersonal representative may determine to be in the best interests of theestate, but such refusal shall not limit any cause of action which might havebeen maintained against decedent if he had refused to complete such contract.In respect to enforceable contracts by the decedent to convey an interest inland, the provisions of G.S. 28A‑17‑9 are controlling.
(5) To deposit, as afiduciary, funds of the estate in a bank, including a bank operated by thepersonal representative pursuant to G.S. 53‑163.1.
(6) To make, as afiduciary, any form of investment allowed by law to the State Treasurer underG.S. 147‑69.1, with funds of the estate, when such are not needed to meetdebts and expenses immediately payable and are not immediately distributable,including money received from the sale of other assets; or to enter into othershort‑term loan arrangements that may be appropriate for use by trusteesor beneficiaries generally. Provided, that in addition to the types ofinvestments hereby authorized, deposits in interest‑bearing accounts ofany credit union authorized to do business in this State, when such depositsare insured in the same manner as required by G.S. 147‑69.1 for depositsin a savings and loan association, are hereby authorized.
(7) To abandon orrelinquish all rights in any property when, in the opinion of the personalrepresentative acting reasonably and in good faith, it is valueless, or is soencumbered or is otherwise in such condition that it is of no benefit to theestate.
(8) To vote shares ofstock or other securities in person or by general or limited proxy, and toexecute waivers, consents or objections with respect to such stock orsecurities.
(9) To pay calls,assessments, and any other sums chargeable or accruing against or on account ofsecurities.
(10) To hold shares ofstock or other securities in the name of a nominee, without mention of theestate in the instrument representing stock or other securities or inregistration records of the issuer thereof; provided, that
a. The estate recordsand all reports or accounts rendered by the personal representative clearlyshow the ownership of the stock or other securities by the personalrepresentative and the facts regarding its holdings, and
b. The nominee shallnot have possession of the stock or other securities or access thereto exceptunder the immediate supervision of the personal representative or when suchsecurities are deposited by the personal representative in a clearingcorporation as defined in G.S. 25‑8‑102.
Suchpersonal representative shall be personally liable for any acts or omissions ofsuch nominee in connection with such stock or other securities so held, as ifsuch personal representative had done such acts or been guilty of suchomissions.
(11) To insure, at the expenseof the estate, the assets of the estate in his possession, custody or controlagainst damage or loss.
(12) To borrow money forsuch periods of time and upon such terms and conditions as to rates,maturities, renewals, and security as the personal representative shall deemadvisable, including the power of a corporate personal representative to borrowfrom its own banking department, for the purpose of paying debts, taxes, andother claims against the estate, and to mortgage, pledge or otherwise encumbersuch portion of the estate as may be required to secure such loan or loans. Inrespect to the borrowing of money on the security of the real property of thedecedent, G.S. 28A‑17‑11 is controlling.
(13) To renew obligationsof the decedent for the payment of money.
(14) To advance his ownmoney for the protection of the estate, and for all expenses, losses andliabilities sustained in the administration of the estate or because of theholding or ownership of any estate assets. For such advances, with any interest,the personal representative shall have a lien on the assets of the estate asagainst a devisee or heir.
(15) To compromise,adjust, arbitrate, sue on or defend, abandon, or otherwise deal with and settleclaims in favor of or against the estate.
(16) To pay taxes,assessments, his own compensation, and other expenses incident to thecollection, care, administration and protection of the assets of the estate inhis possession, custody or control.
(17) To sell or exercisestock subscription or conversion rights; consent, directly or through acommittee or other agent, to the reorganization, consolidation, merger,dissolution, or liquidation of a corporation or other business enterprise.
(18) To allocate items ofincome or expense to either estate income or principal, as permitted orprovided by law.
(19) To employ persons,including attorneys, auditors, investment advisors, appraisers or agents toadvise or assist him in the performance of his administrative duties.
(20) To continue anybusiness or venture in which the decedent was engaged at the date of his death,where such continuation is reasonably necessary or desirable to preserve thevalue, including goodwill, of the decedent's interest in such business. Withrespect to the use of the decedent's interest in a continuing partnership, theprovisions of G.S. 59‑71 and 59‑72 qualify this power; and withrespect to farming operations engaged in by the decedent at the time of hisdeath, the provisions of G.S. 28A‑13‑4 qualify this power.
(21) To incorporate orparticipate in the incorporation of any business or venture in which thedecedent was engaged at the time of his death.
(22) To provide for theexoneration of the personal representative from personal liability in anycontract entered into on behalf of the estate.
(23) To maintain actionsfor the wrongful death of the decedent according to the provisions of Article18 of this Chapter and to compromise or settle any such claims, whether inlitigation or not. Unless all persons who would be entitled to receive anydamages recovered under G.S. 28A‑18‑2(b)(4) are competent adultsand have consented in writing, any such settlement shall be subject to theapproval of a judge of the court or tribunal exercising jurisdiction over theaction or a judge of the district or superior court in cases where no actionhas previously been filed. If the claim is brought under Article 31 of Chapter143 of the General Statutes, the settlement is subject to the approval of theIndustrial Commission in accordance with that Article. It shall be the duty ofthe personal representative in distributing the proceeds of such settlement inany instance to take into consideration and to make a fair allocation to thoseclaimants for funeral, burial, hospital and medical expenses which would havebeen payable from damages which might have been recovered had a wrongful deathaction gone to judgment in favor of the plaintiff.
(24) To maintain anyappropriate action or proceeding to recover possession of any property of thedecedent, or to determine the title thereto; to recover damages for any injurydone prior to the death of the decedent to any of his property; and to recoverdamages for any injury done subsequent to the death of the decedent to suchproperty.
(25) To purchase at any publicor private sale of any real or personal property belonging to the decedent'sestate or securing an obligation of the estate as a fiduciary for the benefitof the estate when, in his opinion, it is necessary to prevent a loss to theestate.
(26) To sell or leasepersonal property of the estate in the manner prescribed by the provisions ofArticle 16 of this Chapter.
(27) To sell or lease realproperty of the estate in the manner prescribed by the provisions of Article 17of this Chapter.
(28) To enter intoagreements with taxing authorities to secure the benefit of the federal maritaldeduction pursuant to G.S. 28A‑22‑6.
(29) To pay or satisfy thedebts and claims against the decedent's estate in the order and mannerprescribed by Article 19 of this Chapter.
(30) To distribute any sumrecovered for the wrongful death of the decedent according to the provisions ofG.S. 28A‑18‑2; and to distribute all other assets available fordistribution according to the provisions of this Chapter or as otherwise lawfullyauthorized.
(31) To exercise suchadditional lawful powers as are conferred upon him by the will.
(32) To execute anddeliver all instruments which will accomplish or facilitate the exercise of thepowers vested in the personal representative.
(33) Repealed by SessionLaws 2009‑48, s. 10, effective October 1, 2009, and applicable torenunciations and powers of attorney executed on or after that date.
(a1) Except as qualifiedby express limitations imposed in a will of the decedent, and subject to theprovisions of G.S. 28A‑13‑6 respecting the powers of joint personalrepresentatives, a personal representative shall have absolute discretion tomake the election as to which items of the decedent's personal and householdeffects shall be excluded from the carry over basis provision of the federalincome tax law and such election shall be conclusive and binding on allconcerned.
(a2) Subject to theprovisions of G.S. 28A‑13‑6 respecting the powers of joint personalrepresentatives, a personal representative has the power to renounce inaccordance with the provisions of Chapter 31B of the General Statutes.
(b) Any questionarising out of the powers conferred by subsections (a), (a1), and (a2) of thissection shall be determined in accordance with the provisions of Article 18 ofthis Chapter.
(c) Prior to thepersonal representative exercising possession, custody or control over realproperty of the estate he shall petition the clerk of court to obtain an orderauthorizing such possession, custody or control. The petition shall include:
(1) A description of thereal property which is the subject of the petition;
(2) The names, ages, andaddresses, if known, of the devisees and heirs of the decedent;
(3) A statement by thepersonal representative that he has determined that such possession, custody orcontrol is in the best interest of the administration of the estate.
The devisees and heirs will bemade parties to the proceeding by service of summons in the manner prescribedby law. If the clerk of court determines that it is in the best interest of theadministration of the estate to authorize the personal representative to takepossession, custody or control he shall grant an order authorizing that power.If a special proceeding has been instituted by the personal representativepursuant to G.S. 28A‑15‑1(c), the personal representative maypetition for possession, custody, or control of any real property as a part ofthat proceeding and is not required to institute a separate special proceeding. (1868‑9,c. 113, ss. 73, 77; Code, ss. 1501, 1505; Rev., ss. 85, 159; C.S., ss. 170,171; 1925, c. 86; 1933, cc. 161, 196, 498; 1973, c. 1329, s. 3; 1975, c. 19, s.9; c. 371, s. 4; 1977, c. 556; 1979, c. 467, s. 21; c. 717, s. 3; 1985, c. 689,s. 8; 1991, c. 460, s. 3; 1995, c. 401, s. 1; 1997‑181, s. 22; 2001‑413,s. 2; 2002‑159, s. 8; 2007‑106, s. 1; 2009‑48, s. 10.)
§ 28A‑13‑3. Powers of a personal representative or fiduciary.
(a) Except as qualifiedby express limitations imposed in a will of the decedent or a court order, andsubject to the provisions of G.S. 28A‑13‑6 respecting the powers ofjoint personal representatives, a personal representative has the power toperform in a reasonable and prudent manner every act which a reasonable andprudent person would perform incident to the collection, preservation,liquidation or distribution of a decedent's estate so as to accomplish thedesired result of settling and distributing the decedent's estate in a safe,orderly, accurate and expeditious manner as provided by law, including thepowers specified in the following subdivisions:
(1) To take possession,custody or control of the personal property of the decedent. If in the opinionof the personal representative his possession, custody or control of suchproperty is not necessary for purposes of administration, such property may beleft with or surrendered to the heir or devisee presumptively entitled thereto.He has the power to take possession, custody or control of the real property ofthe decedent if he determines such possession, custody or control is in thebest interest of the administration of the estate. Prior to exercising suchpower over real property the procedure as set out in subsection G.S. 28A‑13‑3(c)shall be followed. If the personal representative determines that suchpossession, custody or control is not in the best interest of theadministration of the estate such property may be left with or surrendered tothe heir or devisee presumptively entitled thereto.
(2) To retain assetsowned by the decedent pending distribution or liquidation even though suchassets may include items which are otherwise improper for investment of trustfunds.
(3) To receive assetsfrom other fiduciaries or other sources.
(4) To completeperformance of contracts entered into by the decedent that continue asobligations of his estate, or to refuse to complete such contracts, as thepersonal representative may determine to be in the best interests of theestate, but such refusal shall not limit any cause of action which might havebeen maintained against decedent if he had refused to complete such contract.In respect to enforceable contracts by the decedent to convey an interest inland, the provisions of G.S. 28A‑17‑9 are controlling.
(5) To deposit, as afiduciary, funds of the estate in a bank, including a bank operated by thepersonal representative pursuant to G.S. 53‑163.1.
(6) To make, as afiduciary, any form of investment allowed by law to the State Treasurer underG.S. 147‑69.1, with funds of the estate, when such are not needed to meetdebts and expenses immediately payable and are not immediately distributable,including money received from the sale of other assets; or to enter into othershort‑term loan arrangements that may be appropriate for use by trusteesor beneficiaries generally. Provided, that in addition to the types ofinvestments hereby authorized, deposits in interest‑bearing accounts ofany credit union authorized to do business in this State, when such depositsare insured in the same manner as required by G.S. 147‑69.1 for depositsin a savings and loan association, are hereby authorized.
(7) To abandon orrelinquish all rights in any property when, in the opinion of the personalrepresentative acting reasonably and in good faith, it is valueless, or is soencumbered or is otherwise in such condition that it is of no benefit to theestate.
(8) To vote shares ofstock or other securities in person or by general or limited proxy, and toexecute waivers, consents or objections with respect to such stock orsecurities.
(9) To pay calls,assessments, and any other sums chargeable or accruing against or on account ofsecurities.
(10) To hold shares ofstock or other securities in the name of a nominee, without mention of theestate in the instrument representing stock or other securities or inregistration records of the issuer thereof; provided, that
a. The estate recordsand all reports or accounts rendered by the personal representative clearlyshow the ownership of the stock or other securities by the personalrepresentative and the facts regarding its holdings, and
b. The nominee shallnot have possession of the stock or other securities or access thereto exceptunder the immediate supervision of the personal representative or when suchsecurities are deposited by the personal representative in a clearingcorporation as defined in G.S. 25‑8‑102.
Suchpersonal representative shall be personally liable for any acts or omissions ofsuch nominee in connection with such stock or other securities so held, as ifsuch personal representative had done such acts or been guilty of suchomissions.
(11) To insure, at the expenseof the estate, the assets of the estate in his possession, custody or controlagainst damage or loss.
(12) To borrow money forsuch periods of time and upon such terms and conditions as to rates,maturities, renewals, and security as the personal representative shall deemadvisable, including the power of a corporate personal representative to borrowfrom its own banking department, for the purpose of paying debts, taxes, andother claims against the estate, and to mortgage, pledge or otherwise encumbersuch portion of the estate as may be required to secure such loan or loans. Inrespect to the borrowing of money on the security of the real property of thedecedent, G.S. 28A‑17‑11 is controlling.
(13) To renew obligationsof the decedent for the payment of money.
(14) To advance his ownmoney for the protection of the estate, and for all expenses, losses andliabilities sustained in the administration of the estate or because of theholding or ownership of any estate assets. For such advances, with any interest,the personal representative shall have a lien on the assets of the estate asagainst a devisee or heir.
(15) To compromise,adjust, arbitrate, sue on or defend, abandon, or otherwise deal with and settleclaims in favor of or against the estate.
(16) To pay taxes,assessments, his own compensation, and other expenses incident to thecollection, care, administration and protection of the assets of the estate inhis possession, custody or control.
(17) To sell or exercisestock subscription or conversion rights; consent, directly or through acommittee or other agent, to the reorganization, consolidation, merger,dissolution, or liquidation of a corporation or other business enterprise.
(18) To allocate items ofincome or expense to either estate income or principal, as permitted orprovided by law.
(19) To employ persons,including attorneys, auditors, investment advisors, appraisers or agents toadvise or assist him in the performance of his administrative duties.
(20) To continue anybusiness or venture in which the decedent was engaged at the date of his death,where such continuation is reasonably necessary or desirable to preserve thevalue, including goodwill, of the decedent's interest in such business. Withrespect to the use of the decedent's interest in a continuing partnership, theprovisions of G.S. 59‑71 and 59‑72 qualify this power; and withrespect to farming operations engaged in by the decedent at the time of hisdeath, the provisions of G.S. 28A‑13‑4 qualify this power.
(21) To incorporate orparticipate in the incorporation of any business or venture in which thedecedent was engaged at the time of his death.
(22) To provide for theexoneration of the personal representative from personal liability in anycontract entered into on behalf of the estate.
(23) To maintain actionsfor the wrongful death of the decedent according to the provisions of Article18 of this Chapter and to compromise or settle any such claims, whether inlitigation or not. Unless all persons who would be entitled to receive anydamages recovered under G.S. 28A‑18‑2(b)(4) are competent adultsand have consented in writing, any such settlement shall be subject to theapproval of a judge of the court or tribunal exercising jurisdiction over theaction or a judge of the district or superior court in cases where no actionhas previously been filed. If the claim is brought under Article 31 of Chapter143 of the General Statutes, the settlement is subject to the approval of theIndustrial Commission in accordance with that Article. It shall be the duty ofthe personal representative in distributing the proceeds of such settlement inany instance to take into consideration and to make a fair allocation to thoseclaimants for funeral, burial, hospital and medical expenses which would havebeen payable from damages which might have been recovered had a wrongful deathaction gone to judgment in favor of the plaintiff.
(24) To maintain anyappropriate action or proceeding to recover possession of any property of thedecedent, or to determine the title thereto; to recover damages for any injurydone prior to the death of the decedent to any of his property; and to recoverdamages for any injury done subsequent to the death of the decedent to suchproperty.
(25) To purchase at any publicor private sale of any real or personal property belonging to the decedent'sestate or securing an obligation of the estate as a fiduciary for the benefitof the estate when, in his opinion, it is necessary to prevent a loss to theestate.
(26) To sell or leasepersonal property of the estate in the manner prescribed by the provisions ofArticle 16 of this Chapter.
(27) To sell or lease realproperty of the estate in the manner prescribed by the provisions of Article 17of this Chapter.
(28) To enter intoagreements with taxing authorities to secure the benefit of the federal maritaldeduction pursuant to G.S. 28A‑22‑6.
(29) To pay or satisfy thedebts and claims against the decedent's estate in the order and mannerprescribed by Article 19 of this Chapter.
(30) To distribute any sumrecovered for the wrongful death of the decedent according to the provisions ofG.S. 28A‑18‑2; and to distribute all other assets available fordistribution according to the provisions of this Chapter or as otherwise lawfullyauthorized.
(31) To exercise suchadditional lawful powers as are conferred upon him by the will.
(32) To execute anddeliver all instruments which will accomplish or facilitate the exercise of thepowers vested in the personal representative.
(33) Repealed by SessionLaws 2009‑48, s. 10, effective October 1, 2009, and applicable torenunciations and powers of attorney executed on or after that date.
(a1) Except as qualifiedby express limitations imposed in a will of the decedent, and subject to theprovisions of G.S. 28A‑13‑6 respecting the powers of joint personalrepresentatives, a personal representative shall have absolute discretion tomake the election as to which items of the decedent's personal and householdeffects shall be excluded from the carry over basis provision of the federalincome tax law and such election shall be conclusive and binding on allconcerned.
(a2) Subject to theprovisions of G.S. 28A‑13‑6 respecting the powers of joint personalrepresentatives, a personal representative has the power to renounce inaccordance with the provisions of Chapter 31B of the General Statutes.
(b) Any questionarising out of the powers conferred by subsections (a), (a1), and (a2) of thissection shall be determined in accordance with the provisions of Article 18 ofthis Chapter.
(c) Prior to thepersonal representative exercising possession, custody or control over realproperty of the estate he shall petition the clerk of court to obtain an orderauthorizing such possession, custody or control. The petition shall include:
(1) A description of thereal property which is the subject of the petition;
(2) The names, ages, andaddresses, if known, of the devisees and heirs of the decedent;
(3) A statement by thepersonal representative that he has determined that such possession, custody orcontrol is in the best interest of the administration of the estate.
The devisees and heirs will bemade parties to the proceeding by service of summons in the manner prescribedby law. If the clerk of court determines that it is in the best interest of theadministration of the estate to authorize the personal representative to takepossession, custody or control he shall grant an order authorizing that power.If a special proceeding has been instituted by the personal representativepursuant to G.S. 28A‑15‑1(c), the personal representative maypetition for possession, custody, or control of any real property as a part ofthat proceeding and is not required to institute a separate special proceeding. (1868‑9,c. 113, ss. 73, 77; Code, ss. 1501, 1505; Rev., ss. 85, 159; C.S., ss. 170,171; 1925, c. 86; 1933, cc. 161, 196, 498; 1973, c. 1329, s. 3; 1975, c. 19, s.9; c. 371, s. 4; 1977, c. 556; 1979, c. 467, s. 21; c. 717, s. 3; 1985, c. 689,s. 8; 1991, c. 460, s. 3; 1995, c. 401, s. 1; 1997‑181, s. 22; 2001‑413,s. 2; 2002‑159, s. 8; 2007‑106, s. 1; 2009‑48, s. 10.)
