59-1703.Duties of fiduciary; certain transactions voidable;exceptions.No fiduciary shall make a profit by the increase, nor suffer loss by thedecrease or destruction without such fiduciary's fault, of any part of theestate, and such fiduciary shall account for the excess when he or shesells for more than the appraisement and shall not be responsible for theloss when he or she sells for less, if such sale appears to be beneficialto the estate.
A fiduciary shall not be responsible for any loss happening by theinsolvency of any purchaser, or his or her sureties, for any sale duly madeaccording to law, if such fiduciary proceeded with due caution in takingsurety, and has used due diligence to collect thereon.
A fiduciary shall not be accountable for debts due the decedent orconservatee which remain uncollected without fault on such fiduciary'spart, but where a fiduciary neglects or unreasonably delays to raise moneyby collecting debts or selling property, or neglects to pay over the moneyin his or her hands and by reason thereof the value of the estate islessened, or unnecessary costs, interest, or penalties accrue, or thepersons interested suffer loss, the same shall be deemed waste and thefiduciary shall be charged in his or her account with the damagessustained. A fiduciary shall not purchase any claim against the estate norshall a fiduciary purchase directly or indirectly or be interested in thepurchase of any property sold by such fiduciary, except as hereinafterprovided.
Any sale, lease or mortgage to the personal representative, his or herspouse, child or grandchild, agent or attorney in fact, or to anycorporation in which he or she has a substantial beneficial interest, orany transaction which is affected by a substantial conflict of interest onthe part of the personal representative, is voidable unless: (1) The willor a contract entered into by the decedent expressly authorized thetransaction; or (2) the transaction is approved by the court after hearingupon notice to interested persons.
History: L. 1939, ch. 180, § 133; L. 1965, ch. 346,§ 16; L. 1975, ch. 299, § 12; Jan. 1, 1976.
59-1703.Duties of fiduciary; certain transactions voidable;exceptions.No fiduciary shall make a profit by the increase, nor suffer loss by thedecrease or destruction without such fiduciary's fault, of any part of theestate, and such fiduciary shall account for the excess when he or shesells for more than the appraisement and shall not be responsible for theloss when he or she sells for less, if such sale appears to be beneficialto the estate.
A fiduciary shall not be responsible for any loss happening by theinsolvency of any purchaser, or his or her sureties, for any sale duly madeaccording to law, if such fiduciary proceeded with due caution in takingsurety, and has used due diligence to collect thereon.
A fiduciary shall not be accountable for debts due the decedent orconservatee which remain uncollected without fault on such fiduciary'spart, but where a fiduciary neglects or unreasonably delays to raise moneyby collecting debts or selling property, or neglects to pay over the moneyin his or her hands and by reason thereof the value of the estate islessened, or unnecessary costs, interest, or penalties accrue, or thepersons interested suffer loss, the same shall be deemed waste and thefiduciary shall be charged in his or her account with the damagessustained. A fiduciary shall not purchase any claim against the estate norshall a fiduciary purchase directly or indirectly or be interested in thepurchase of any property sold by such fiduciary, except as hereinafterprovided.
Any sale, lease or mortgage to the personal representative, his or herspouse, child or grandchild, agent or attorney in fact, or to anycorporation in which he or she has a substantial beneficial interest, orany transaction which is affected by a substantial conflict of interest onthe part of the personal representative, is voidable unless: (1) The willor a contract entered into by the decedent expressly authorized thetransaction; or (2) the transaction is approved by the court after hearingupon notice to interested persons.
History: L. 1939, ch. 180, § 133; L. 1965, ch. 346,§ 16; L. 1975, ch. 299, § 12; Jan. 1, 1976.
59-1703.Duties of fiduciary; certain transactions voidable;exceptions.No fiduciary shall make a profit by the increase, nor suffer loss by thedecrease or destruction without such fiduciary's fault, of any part of theestate, and such fiduciary shall account for the excess when he or shesells for more than the appraisement and shall not be responsible for theloss when he or she sells for less, if such sale appears to be beneficialto the estate.
A fiduciary shall not be responsible for any loss happening by theinsolvency of any purchaser, or his or her sureties, for any sale duly madeaccording to law, if such fiduciary proceeded with due caution in takingsurety, and has used due diligence to collect thereon.
A fiduciary shall not be accountable for debts due the decedent orconservatee which remain uncollected without fault on such fiduciary'spart, but where a fiduciary neglects or unreasonably delays to raise moneyby collecting debts or selling property, or neglects to pay over the moneyin his or her hands and by reason thereof the value of the estate islessened, or unnecessary costs, interest, or penalties accrue, or thepersons interested suffer loss, the same shall be deemed waste and thefiduciary shall be charged in his or her account with the damagessustained. A fiduciary shall not purchase any claim against the estate norshall a fiduciary purchase directly or indirectly or be interested in thepurchase of any property sold by such fiduciary, except as hereinafterprovided.
Any sale, lease or mortgage to the personal representative, his or herspouse, child or grandchild, agent or attorney in fact, or to anycorporation in which he or she has a substantial beneficial interest, orany transaction which is affected by a substantial conflict of interest onthe part of the personal representative, is voidable unless: (1) The willor a contract entered into by the decedent expressly authorized thetransaction; or (2) the transaction is approved by the court after hearingupon notice to interested persons.
History: L. 1939, ch. 180, § 133; L. 1965, ch. 346,§ 16; L. 1975, ch. 299, § 12; Jan. 1, 1976.
