§560:3-715  Transactions authorized
for personal representatives; exceptions.  Except as restricted or
otherwise provided by the will or by an order in a formal proceeding or by
sections 531-28.5 and 531-29, and subject to the priorities stated in section
560:3-902, a personal representative, acting reasonably for the benefit of the
interested persons, may properly:



(1)  Retain assets owned by the decedent pending
distribution or liquidation including those in which the representative is
personally interested or which are otherwise improper for trust investment;



(2)  Receive assets from fiduciaries, or other
sources;



(3)  Perform, compromise, or refuse performance of the
decedent's contracts that continue as obligations of the estate, as the
personal representative may determine under the circumstances.  In performing
enforceable contracts by the decedent to convey or lease land, the personal
representative, among other possible courses of action, may:



(A)  Execute and deliver a deed of conveyance
for cash payment of all sums remaining due or the purchaser's note for the sum
remaining due secured by a mortgage or deed of trust on the land; or



(B)  Deliver a deed in escrow with directions
that the proceeds, when paid in accordance with the escrow agreement, be paid
to the successors of the decedent, as designated in the escrow agreement;



(4)  Satisfy written charitable pledges of the
decedent irrespective of whether the pledges constituted binding obligations of
the decedent or were properly presented as claims, if in the judgment of the
personal representative the decedent would have wanted the pledges completed
under the circumstances;



(5)  If funds are not needed to meet debts and
expenses currently payable and are not immediately distributable, deposit or invest
liquid assets of the estate, including moneys received from the sale of other
assets, in federally insured interest-bearing accounts, readily marketable
secured loan arrangements, or other prudent investments which would be
reasonable for use by trustees generally;



(6)  Acquire or dispose of an asset, including land in
this or another state, for cash or on credit, at public or private sale; and
manage, develop, improve, exchange, partition, change the character of, or
abandon an estate asset;



(7)  Make ordinary or extraordinary repairs or
alterations in buildings or other structures, demolish any improvements, raze
existing or erect new party walls or buildings;



(8)  Subdivide, develop, or dedicate land to public
use; make or obtain the vacation of plats and adjust boundaries; or adjust
differences in valuation on exchange or partition by giving or receiving
considerations; or dedicate easements to public use without consideration;



(9)  Enter for any purpose into a lease as lessor or
lessee, with or without option to purchase or renew, for a term within or
extending beyond the period of administration;



(10)  Enter into a lease or arrangement for exploration
and removal of minerals or other natural resources or enter into a pooling or
unitization agreement;



(11)  Abandon property when, in the opinion of the
personal representative, it is valueless, or is so encumbered, or is in
condition that it is of no benefit to the State;



(12)  Vote stocks or other securities in person or by
general or limited proxy;



(13)  Pay calls, assessments, and other sums chargeable
or accruing against or on account of securities, unless barred by the
provisions relating to claims;



(14)  Hold a security in the name of a nominee or in
other form without disclosure of the interest of the estate but the personal
representative is liable for any act of the nominee in connection with the
security so held;



(15)  Insure the assets of the estate against damage,
loss and liability and the personal representative's against liability as to third
persons;



(16)  Borrow money with or without security to be
repaid from the estate assets or otherwise; and advance money for the
protection of the estate;



(17)  Effect a fair and reasonable compromise with any
debtor or obligor, or extend, renew, or in any manner modify the terms of any
obligation owing to the estate.  If the personal representative holds a
mortgage, pledge, or other lien upon property of another person, the personal
representative, in lieu of foreclosure, may accept a conveyance or transfer of
encumbered assets from the owner thereof in satisfaction of the indebtedness
secured by lien;



(18)  Pay taxes, assessments, compensation of the
personal representative, and other expenses incident to the administration of
the estate;



(19)  Sell or exercise stock subscription or conversion
rights; consent, directly or through a committee or other agent, to the
reorganization, consolidation, merger, dissolution, or liquidation of a
corporation or other business enterprise;



(20)  Allocate items of income or expense to either
estate income or principal, as permitted or provided by law;



(21)  Employ persons, including attorneys, auditors,
investment advisors, or agents, even if they are associated with the personal
representative, to advise or assist the personal representative in the
performance of administrative duties; act without independent investigation
upon their recommendations; and instead of acting personally, employ one or
more agents to perform any act of administration, whether or not discretionary;



(22)  Prosecute or defend claims, or proceedings in any
jurisdiction for the protection of the estate and of the personal
representative in the performance of duties;



(23)  Sell, mortgage, or lease any real or personal
property of the estate or any interest therein for cash, credit, or for part
cash and part credit, and with or without security for unpaid balances;



(24)  Continue any unincorporated business or venture
in which the decedent was engaged at the time of the decedent's death:



(A)  In the same business form for a period of
not more than four months from the date of appointment of a general personal
representative if continuation is a reasonable means of preserving the value of
the business including good will;



(B)  In the same business form for any
additional period of time that may be approved by order of the court in a
formal proceeding to which the persons interested in the estate are parties; or



(C)  Throughout the period of administration if
the business is incorporated by the personal representative and if none of the
probable distributees of the business who are competent adults object to its
incorporation and retention in the estate;



(25)  Incorporate any business or venture in which the
decedent was engaged at the time of the decedent's death;



(26)  Provide for exoneration of the personal
representative from personal liability in any contract entered into on behalf
of the estate;



(27)  Satisfy and settle claims and distribute the
estate as provided in this chapter. [L 1996, c 288, pt of §1]