IC 29-1-15
    Chapter 15. Sales, Mortgages, Leases, Exchanges.Personal andReal Property

IC 29-1-15-1
Priorities; wills; orders of court
    Sec. 1. In determining what property of the estate shall be sold,mortgaged, leased or exchanged for any purpose provided in section3 of this chapter, there shall be no priority as between real andpersonal property, except as provided by the will, if any, or by orderof the court or by the provisions of IC 29-1-17-3.
(Formerly: Acts 1953, c.112, s.1501.) As amended by Acts 1982,P.L.171, SEC.41.

IC 29-1-15-2
Powers under will; optional procedure
    Sec. 2. When the personal representative, under the terms of anywill, is given the power to sell, mortgage, lease or exchange propertyof the estate or is given any other power with respect to theadministration of the estate, he may proceed in accordance with suchpower without order of the court or he may proceed under theprovisions of this article, as he may determine.
(Formerly: Acts 1953, c.112, s.1502.) As amended by Acts 1982,P.L.171, SEC.42.

IC 29-1-15-3
Payment of claims, expenses, and taxes; distribution of estate
    Sec. 3. Any real or personal property belonging to an estate maybe sold, mortgaged, leased or exchanged under court order whennecessary for any of the following purposes:
        (a) for the payment of claims allowed against the estate;
        (b) For the payment of any allowances made under IC 29-1-4-1;
        (c) For the payment of any legacy given by the will of thedecedent;
        (d) For the payment of expenses of administration;
        (e) For the payment of any gift, estate, inheritance or transfertaxes assessed upon the transfer of the estate or due from thedecedent or his estate;
        (f) For making distribution of the estate or any part thereof;
        (g) For any other purpose in the best interests of the estate.
(Formerly: Acts 1953, c.112, s.1503; Acts 1973, P.L.287, SEC.8.) Asamended by Acts 1979, P.L.268, SEC.6.

IC 29-1-15-4
Order not granted; bond given by interested person
    Sec. 4. An order authorizing a personal representative to sell,mortgage or lease real or personal property for the payment ofobligations of the estate shall not be granted if any of the personsinterested in the estate shall execute and file in the court a bond insuch sum and with such sureties as the court may approve,

conditioned to pay all obligations of the estate to the extent that theother property of the estate is insufficient therefor, within such timeas the court shall direct. An action may be maintained on such bondby the personal representative on behalf of any person interested inthe estate who is prejudiced by breach of any obligation of the bond.
(Formerly: Acts 1953, c.112, s.1504.)

IC 29-1-15-5
Credit sales
    Sec. 5. In all sales of real or personal property, the court mayauthorize credit to be given by the personal representative for a termand for an amount of the purchase price each in the discretion of thecourt, the payment of which shall be secured by notes or bonds withapproved sureties or by a purchase money mortgage. If credit isauthorized, the the order shall specify the time of payment, theminimum rate of interest on deferred payments and the manner inwhich such payments shall be secured. If the estate is solvent, creditmay be extended by the personal representative for a time longerthan one (1) year with the written consent of the distributees affectedthereby.
(Formerly: Acts 1953, c.112, s.1505; Acts 1971, P.L.410, SEC.1.)

IC 29-1-15-6
Purchasers, mortgagees, pledgees, or lienors; allowance of claims
    Sec. 6. At any sale of real or personal property upon which thereis a mortgage, pledge or other lien, the holder thereof may becomethe purchaser and may apply the amount of his lien on the purchaseprice in the following manner. If no claim thereon has been filed orallowed, the court, at the hearing on the report of sale and forconfirmation of the sale, may examine into the validity andenforceability of the lien or charge and the amount due thereunderand secured thereby and may authorize the personal representativeto accept the receipt of such purchaser for the amount due thereunderand secured thereby as payment pro tanto. If such mortgage, pledgeor other lien is a valid claim against the estate and has been allowed,the receipt of the purchaser for the amount due him from theproceeds of the sale is a payment pro tanto. If the amount for whichthe property is purchased, whether or not such claim was filed orallowed, is insufficient to defray the expenses and discharge hismortgage, pledge or other lien, the purchaser must pay an amountsufficient to pay the balance of such expenses and the amountcredited to the payment of his claim shall be reduced accordingly.Nothing permitted under the terms of this section shall be deemed tobe an allowance of a claim based upon such mortgage, pledge orother lien.
(Formerly: Acts 1953, c.112, s.1506.)

IC 29-1-15-7
Collateral attack; irregularity in proceedings
    Sec. 7. No proceedings for sale, mortgage, lease, exchange or

conveyance by a personal representative of property belonging to theestate shall be subject to collateral attack on account of anyirregularity in the proceedings if the court which ordered the samehad jurisdiction of the estate.
(Formerly: Acts 1953, c.112, s.1507.)

IC 29-1-15-8
Petition; stock; bonds; securities
    Sec. 8. A personal representative may sell, mortgage or lease anypersonal property belonging to the estate upon filing a petitionsetting forth the reasons therefor and describing the propertyinvolved. The petition shall be heard without notice unless the courtshall otherwise direct. After hearing the petition, the court may orderthe sale, mortgage or lease of the property described or any partthereof, at either public or private offering and upon such terms andconditions as the court may deem best for the interests of the estate.Where any part of the personal property consists of the corporatestocks, bonds or other securities of any corporation, public or private,which are listed or admitted to trading on the New York StockExchange, the American Stock Exchange, the Midwest StockExchange, the Pacific Coast Stock Exchange, or any other recognizedstock exchange, or of securities which are obligations of thegovernment of the United States, any of such securities may be soldfor cash at the market price thereof at the time of sale whether suchprice be more or less than the appraised or inventoried value of suchsecurities, and without notice and without any requirement for thereappraisement of such securities.
(Formerly: Acts 1953, c.112, s.1508; Acts 1961, c.50, s.1.)

IC 29-1-15-9
Perishable properties; family allowance; title to property; approval
    Sec. 9. Perishable property and other personal property which willdepreciate in value if not disposed of promptly, or which will incurloss or expense by being kept, and so much other other personalproperty as may be necessary to provide allowance to the survivingspouse and children pending the receipt of other sufficient funds,may be sold without notice, and title shall pass without priorauthorization; but the personal representative shall be responsible forthe actual value of the property unless, after making a report of suchsale, and on a proper showing, the court shall approve the sale.
(Formerly: Acts 1953, c.112, s.1509.)

IC 29-1-15-10
Unit sales, mortgages, or leases
    Sec. 10. Whenever it is for the best interests of the estate, real andpersonal property of the estate may be sold, mortgaged or leased asa unit, but the provisions of this article with respect to the sale,mortgage or lease of real property shall apply so far as may be.
(Formerly: Acts 1953, c.112, s.1510.) As amended by Acts 1982,P.L.171, SEC.43.
IC 29-1-15-11
Petition; sale, mortgage, or lease of real property; order of court
    Sec. 11. A personal representative may file a petition to sell,mortgage or lease any real property belonging to the estate. Thepetition shall set forth the reasons for the application and describethe property involved. He may apply for different authority as toseparate parts of the property; or he may apply in the alternative forauthority to sell, mortgage or lease. Upon the filing of the petition,the court shall fix the time and place for the hearing thereof. Noticeof the hearing, unless waived, shall be given to all heirs andlienholders, except holders of liens created by said heirs, whose liensare to be extinguished or transferred to the proceeds of said sale incase of intestacy and to all devisees and lienholders, except holdersof liens created by said devisees, whose liens are to be extinguishedor transferred to the proceeds of said sale in case of testacy, and thenotice shall state briefly the nature of the application and shall begiven as provided IC 1971, 29-1-1-12. However, as to any realproperty valued at not more than one thousand dollars ($1,000.00)exclusive of any liens the court may, in its discretion, hear and actupon the petition without notice to heirs or devisees. At the hearingand upon satisfactory proofs, the court may order the sale, mortgageor lease of the property described or any part thereof. When a claimsecured by a mortgage on real property is, under the provisions ofthis probate code, payable at the time of distribution of the estate orprior thereto, the court with the consent of the mortgagee may,nevertheless, order the sale of the real property subject to themortgage, but such consent shall release the estate should adeficiency later appear.
(Formerly: Acts 1953, c.112, s.1511; Acts 1955, c.258, s.6; Acts1961, c.15, s.1; Acts 1975, P.L.288, SEC.29.)

IC 29-1-15-12
Conflicting titles; process and notice
    Sec. 12. Upon any petition to sell or mortgage real property thecourt shall have power to investigate and determine all questions ofconflicting and controverted title, remove clouds from any title orinterest involved, and invest purchasers or mortgagees with a goodand indefeasible title to the property sold or mortgaged. When thepetition to sell or mortgage seeks such relief notice shall be given asin civil actions of like nature and the court is authorized to issueappropriate process and notices in order to obtain jurisdiction to soproceed against adverse parties.
(Formerly: Acts 1953, c.112, s.1512.)

IC 29-1-15-13
Court order; description of property; sequence of parcels; privatesale, public auction; terms
    Sec. 13. The order shall describe the property to be sold,mortgaged or leased and may designate the sequence in which theseveral parcels shall be sold, mortgaged or leased. An order for sale

shall direct whether the property shall be sold at private sale orpublic auction, and, if the latter, the place or places of sale. If realproperty is to be sold at private sale it shall direct that the same shallnot be sold for less than the fair market value, or if at public sale fornot less than two-thirds (2/3) of the fair market value; or if realproperty is to be leased, it shall direct that the same shall not beleased for less than the fair market rental value. An order of sale shalldirect whether the sale shall be for cash or for cash and deferredpayments, and the terms on which such deferred payments are to bemade. If real property is to be mortgaged, it shall fix the maximumamount of principal, the maximum rate of interest, the earliest andlatest date of maturity, and shall direct the purpose for which theproceeds Shall be used. An order for sale, mortgage or lease shallremain in force until terminated by the court, but no sale or leaseshall be made after one (1) year from the date of the order unless thereal property or rental value thereof shall have been reappraisedunder order of the court within three (3) months preceding the saleor lease.
(Formerly: Acts 1953, c.112, s.1513; Acts 1975, P.L.288, SEC.30.)

IC 29-1-15-14
Fair market value; appraisal; reappraisal
    Sec. 14. The value of the property for the purposes of a sale ofreal property pursuant to section 3 and subsequent sections of thischapter shall be the fair market value filed with the inventory unlessthe court directs that the property be appraised or reappraised, as thecase may be. In the event appraisal is ordered by the court, or in thecase of a lease pursuant to such sections of the probate code, theproperty shall be appraised at its fair market value or its fair marketrental value, as the case may be, in a manner considered appropriateby the court.
(Formerly: Acts 1953, c.112, s.1514; Acts 1975, P.L.288, SEC.31.)

IC 29-1-15-15
Real property sales; notice
    Sec. 15. In all sales of real property the sale may be made with orwithout notice as directed by the court. Where notice is ordered thepersonal representative shall give such notice as the court orders.
(Formerly: Acts 1953, c.112, s.1515; Acts 1955, c.258, s.7; Acts1975, P.L.288, SEC.32.) As amended by Acts 1978, P.L.132, SEC.9.

IC 29-1-15-16
Repealed
    (Repealed by P.L.238-2005, SEC.63.)

IC 29-1-15-16.5
Acquisition of beneficial interest in real property of estate bypersonal representative
    Sec. 16.5. (a) This section applies to a supervised or anunsupervised estate.    (b) Unless authorized by:
        (1) a will;
        (2) a trust;
        (3) the consent of all heirs, legatees, or beneficiaries; or
        (4) an adjudicated compromise agreement approved by thecourt under IC 29-1-9;
any sale (including an auction sale), encumbrance, lease, or rental ofreal property that is an asset of the estate is void if the sale,encumbrance, lease, or rental of the real property causes the personalrepresentative to directly or indirectly acquire a beneficial interest inthe real property.
    (c) This section does not prohibit a personal representative fromenforcing or fulfilling any enforceable contract or agreement:
        (1) executed during the decedent's lifetime; and
        (2) between the decedent and the personal representative in thepersonal representative's individual capacity.
As added by P.L.238-2005, SEC.13.

IC 29-1-15-17
Execution of conveyance or lease; certified copy of order; powergiven under will
    Sec. 17. Whenever a personal representative executes a deed,mortgage, lease or other conveyance under a power given thepersonal representative in any will, a certified copy of the will givingsuch power and a certified copy of the personal representative'sletters may be recorded with the deed, mortgage, lease, or otherinstrument executed by the personal representative pursuant to andin accordance with such power, and such certified copies shall beprima facie evidence of the due appointment and qualification of thepersonal representative and the personal representative's authority toexecute said deed, mortgage, lease, or other instrument.
(Formerly: Acts 1953, c.112, s.1517.) As amended by Acts 1982,P.L.171, SEC.45; P.L.238-2005, SEC.14.

IC 29-1-15-18
Forms for conveyances
    Sec. 18. (a) Whenever a personal representative shall be orderedby the court to execute a conveyance of the real estate of a decedent,a conveyance subscribed by the personal representative shall vest inthe grantee all the title in the real estate ordered by the court to beconveyed as completely as if all the proceedings of the courtpreliminary to such conveyance has been fully recited therein, if suchconveyance includes substantially the following:
    "A.B., as personal representative of C.D., deceased, by order ofthe ____________ Court of ________ County, Indiana, dated__________, for good and sufficient consideration, conveys to E.F.the following real estate: (insert description)."
    (b) Whenever the personal representative, by the provisionscontained in the will, shall be required or authorized, without theintervention of a court, to execute a conveyance of the real estate of

a decedent, a conveyance subscribed by the personal representativeshall be sufficient to convey all the title in the real estate to thegrantee, if such conveyance includes substantially the following:
    "A.B., as personal representative of C.D., deceased, by virtue ofthe decedent's said will, for good and sufficient consideration,conveys to E.F. the following described real estate: (insertdescription)."
(Formerly: Acts 1953, c.112, s.1518; Acts 1975, P.L.288, SEC.33.)As amended by Acts 1979, P.L.268, SEC.7; P.L.130-1992, SEC.9.

IC 29-1-15-19
Irregularity or defect in proceedings; guardians; good faithpurchasers
    Sec. 19. (a) No sale of any real estate made by a personalrepresentative or guardian under the provisions of IC 29-1, shall bevoided on account of any irregularity or defect in the proceedings, ifit shall appear:
        (1) that the sale was authorized by the court having thejurisdiction of the parties and the subject-matter;
        (2) that notice of the time and place of sale was given in themanner provided by law; and
        (3) that the premises were sold accordingly and are held by orunder one who purchased them in good faith.
    (b) No sale of any real estate, made by a personal representativepursuant to a power given him by any will, shall be voided onaccount of any irregularity or defect if it shall appear:
        (1) that the personal representative acted in substantialconformity with the terms and conditions of the power givenhim by the will; and
        (2) that the premises are held by or under one who purchasedthem in good faith.
    (c) No sale involving real estate that is made by an unsupervisedpersonal representative under IC 29-1-7.5 is voided on account ofany irregularity or defect if it appears that:
        (1) the personal representative acted in substantial conformitywith the terms and conditions of the power given in IC 29-1-7.5;and
        (2) the premises are held by or under one who purchased themin good faith.
(Formerly: Acts 1953, c.112, s.1519.) As amended by Acts 1978,P.L.132, SEC.10.

IC 29-1-15-20
Lien of state for inheritance or estate taxes
    Sec. 20. The lien of the state for inheritance or estate taxes shallnot extend to any interest acquired by a purchaser, mortgagee, orlessee through any transfer made by a personal representative undera power contained in a will, under IC 29-1-7.5-3, or under order ofthe court.
(Formerly: Acts 1953, c.112, s.1520.) As amended by Acts 1976,

P.L.125, SEC.7.

IC 29-1-15-21
Fees and expenses
    Sec. 21. In connection with the sale, mortgage, lease or exchangeof property, the court may authorize the personal representative topay, out of the proceeds realized therefrom or out of the estate, thecustomary and reasonable auctioneers' and brokers' fees and anynecessary expenses for abstracting, title insurance, survey, revenuestamps and other necessary costs and expenses in connectiontherewith.
(Formerly: Acts 1953, c.112, s.1521.)

IC 29-1-15-22
Platting real property
    Sec. 22. When it is for the best interests of the estate in order todispose of real property, the court upon application by the personalrepresentative or any other interested person, may authorize thepersonal representative, either alone or together with other owners,to plat any land belonging to the estate in accordance with thestatutes in regard to platting.
(Formerly: Acts 1953, c.112, s.1522.)

IC 29-1-15-23
Exchange of property; terms and conditions
    Sec. 23. Whenever it shall appear upon the petition of thepersonal representative or of any person interested in the estate to beto the best interests of the estate to exchange any real or personalproperty of the estate for other property, the court may authorize theexchange upon such terms and conditions as it may prescribe, whichmay include the payment or receipt of part cash by the personalrepresentative. If personal property of the estate is to be exchanged,the proceedings required for the sale of such property shall apply sofar as may be; if real property of the estate is to be exchanged, theprocedure for the sale of such property shall apply so far as may be.
(Formerly: Acts 1953, c.112, s.1523.)