Missouri Laws 473.460 – Purposes for which property may be sold, mortgaged, leased or exchanged
1. Real or personal property belonging to an estate may be sold, mortgaged, leased or exchanged under court order for any of the following purposes:
(1) For the payment of claims allowable against the estate;
Terms Used In Missouri Laws 473.460
- Decedent: A deceased person.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Legacy: A gift of property made by will.
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action and evidences of debt. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
(2) For the payment of any allowance made to the surviving spouse and minor children of a decedent;
(3) For the payment of any legacy given by the will of the decedent;
(4) For the payment of expenses of administration including court costs;
(5) For the payment of any gift, estate, inheritance or transfer taxes assessed upon the transfer of the estate or due from the decedent or his estate;
(6) For any other purpose in the best interests of the estate; or if it would be burdensome to the heirs or devisees to distribute the personal property or the real estate in kind.
2. Real and personal property may be sold or mortgaged under order of the court when necessary for the purpose of making distribution of the estate or any part thereof.
3. Personal property of the estate shall be exhausted before real estate is ordered sold for the payment of the obligations of the estate unless the court otherwise orders.