Missouri Laws 473.523 – Execution of conveyance or lease where personal representative resigns, ..
Terms Used In Missouri Laws 473.523
- 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.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- 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.
When a personal representative resigns or dies, or his letters are revoked after the sale, exchange, mortgage or lease of real estate, and before executing a conveyance or lease therefor, the purchaser, mortgagee, or lessee, his heirs, assigns or grantees may petition the court, stating the facts. If he satisfies the court that the purchase money was paid, the court shall order the personal representative then acting, or, if after final settlement, the sheriff of the county to execute and acknowledge to the purchaser, mortgagee or lessee, his heirs, assigns or grantees an appropriate conveyance or lease, referring to the petition and order of court, with such other recitals as provided by section 473.520. Such conveyance or lease shall be executed accordingly and has the same effect to all intents and purposes as if made by the personal representative who made the sale, exchange, mortgage or lease of the real estate.