Texas Estates Code 356.654 – Exception: Best Interest of Estate
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(a) Subject to Subsection (b), the personal representative of an estate, including an independent administrator, may purchase estate property on the court‘s determination that the sale is in the estate’s best interest.
(b) Before purchasing estate property as authorized by Subsection (a), the personal representative shall give notice of the purchase by a qualified delivery method, unless the court requires another form of notice, to:
(1) each distributee of the estate; and
(2) each creditor whose claim remains unsettled after being presented within six months of the date letters testamentary or of administration are originally granted.
Terms Used In Texas Estates Code 356.654
- Court: means and includes:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise original probate jurisdiction; and
(3) a district court exercising original probate jurisdiction in a contested matter. See Texas Estates Code 22.007 - Distributee: means a person who is entitled to a part of the estate of a decedent under a lawful will or the statutes of descent and distribution. See Texas Estates Code 22.010
- Estate: means a decedent's property, as that property:
(1) exists originally and as the property changes in form by sale, reinvestment, or otherwise;
(2) is augmented by any accretions and other additions to the property, including any property to be distributed to the decedent's representative by the trustee of a trust that terminates on the decedent's death, and substitutions for the property; and
(3) is diminished by any decreases in or distributions from the property. See Texas Estates Code 22.012 - personal representative: include :
(1) an executor and independent executor;
(2) an administrator, independent administrator, and temporary administrator; and
(3) a successor to an executor or administrator listed in Subdivision (1) or (2). See Texas Estates Code 22.031 - Property: means real and personal property. See Texas Government Code 311.005
- Qualified delivery method: means delivery by:
(1) hand delivery by courier, with courier's proof of delivery receipt;
(2) certified or registered mail, return receipt requested, with return receipt; or
(3) a private delivery service designated as a designated delivery service by the United States Secretary of the Treasury under Section 7502(f)(2), Internal Revenue Code of 1986, with proof of delivery receipt. See Texas Estates Code 22.0295
(c) The court may require additional notice or allow for the waiver of the notice required for a sale made under this section.