Massachusetts General Laws ch. 190B sec. 3-713 – Sale, encumbrance or transaction involving conflict of interest; voidable; exceptions
Section 3–713. [Sale, Encumbrance or Transaction Involving Conflict of Interest; Voidable; Exceptions.]
Terms Used In Massachusetts General Laws ch. 190B sec. 3-713
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
Any sale or encumbrance to the personal representative, the personal representative’s spouse, agent or attorney, or any corporation or trust in which the personal representative has a substantial beneficial interest, or any transaction which is affected by a substantial conflict of interest on the part of the personal representative, is voidable by any person interested in the estate except one who has consented after fair disclosure, unless
(1) the will or a contract entered into by the decedent expressly authorized the transaction or transactions in general; or
(2) the transaction is approved by the court after notice to interested persons.