Illinois Compiled Statutes 755 ILCS 5/28-8 – Administrative powers
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An independent representative acting reasonably for the best interests of the estate has the powers granted in the will and the following powers, all exercisable without court order, except to the extent that the following powers are inconsistent with the will:
(a) To lease, sell at public or private sale, for
(a) To lease, sell at public or private sale, for
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cash or on credit, mortgage or pledge the personal estate of the decedent and to distribute in kind any personal estate the sale of which is not necessary;
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(b) To borrow money with or without security;
(c) To mortgage or pledge agricultural commodities as
Terms Used In Illinois Compiled Statutes 755 ILCS 5/28-8
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Decedent: A deceased person.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Legatee: A beneficiary of a decedent
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(c) To mortgage or pledge agricultural commodities as
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provided in Section 19-3;
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(d) To continue the decedent’s unincorporated
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business without personal liability except for malfeasance or misfeasance for losses incurred; and obligations incurred or contracts entered into by the independent representative with respect to the business are entitled to priority of payment out of the assets of the business but, without approval of the court first obtained, do not involve the estate beyond those assets;
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(e) To settle, compound or compromise any claim or
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interest of the decedent in any property or exchange any such claim or interest for other claims or property; and to settle compound or compromise and pay all claims against the estate as provided in Sections 18-11 and 18-13, but claims of the independent representative or his attorney shall be subject to Section 18-8;
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(f) To perform any contract of the decedent;
(g) To employ agents, accountants and counsel,
(g) To employ agents, accountants and counsel,
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including legal and investment counsel; to delegate to them the performance of any act of administration, whether or not discretionary; and to pay them reasonable compensation;
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(h) To hold stocks, bonds and other personal property
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in the name of a nominee as provided in Section 19-12;
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(i) To take possession, administer and grant
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possession of the decedent’s real estate, which term in this subsection includes oil, gas, coal and other mineral interests therein; to pay taxes on decedent’s real estate whether or not in possession of the representative; to lease the decedent’s real estate upon such terms and for such length of time as he deems advisable; to sell at public or private sale, for cash or on credit, or mortgage any real estate or interest therein to which the decedent had claim or title, but real estate specifically bequeathed shall not be leased, sold or mortgaged without the written consent of the legatee; and to confirm the title of any heir or legatee to real estate by recording and delivering to the heir or legatee an instrument releasing the estate’s interest; and
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(j) To retain property properly acquired, without
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regard to its suitability for original purchase; and to invest money of the estate (1) in any one or more of the investments described in Section 21-1 or (2) if the independent representative determines that the estate is solvent and all interested persons other than creditors approve, in any investments authorized for trustees under the prudent investor rule stated in Article 9 of the Illinois Trust Code.
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