Missouri Laws 473.490 – Sale of real estate on court’s motion, when
1. If, upon any settlement of the executor or administrator, it appears that the personal property of an estate is not sufficient for the payment of claims, legacies or allowances to the surviving spouse or unmarried minor children, the court may require a hearing to determine if real property of the estate should be sold, mortgaged or leased for that purpose.
2. Notice of the hearing, stating the time and nature thereof, shall be given by the clerk in the manner and to the persons as provided in subsection 2 of section 473.493.
Terms Used In Missouri Laws 473.490
- Executor: A male person named in a will to carry out the decedent
- Executor: includes administrator where the subject matter applies to an administrator. See Missouri Laws 1.020
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
3. Upon hearing the matter, and upon the adduction of satisfactory proof, the court may order the sale, mortgage or lease of such real property of the estate as the circumstances may require, and the same proceedings under this law shall thereafter be had in relation to the sale, mortgage or lease as if the same had been instituted on petition of the executor or administrator, or a creditor or other interested person.