Missouri Laws 473.437 – Extension or renewal of encumbrances of assets
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Terms Used In Missouri Laws 473.437
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
When any assets of the estate are encumbered by mortgage, pledge or other lien, the personal representative may renew or extend any obligation secured by the encumbrance or convey or transfer the assets to the creditor in satisfaction of his lien, in whole or in part, pursuant to agreement with the holder of the encumbrance, whether or not the holder of the encumbrance has filed a claim, if it appears to be for the best interest of the estate.