Sec. 16.5. (a) This section applies to a supervised or an unsupervised estate.

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Terms Used In Indiana Code 29-1-15-16.5

  • Contract: A legal written agreement that becomes binding when signed.
  • Decedent: A deceased person.
  • 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
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
     (b) Unless authorized by:

(1) a will;

(2) a trust;

(3) the consent of all heirs, legatees, or beneficiaries;

(4) an adjudicated compromise agreement approved by the court under IC 29-1-9; or

(5) an order of the court issued after notice and hearing to all interested persons to ensure that adequate consideration is received by the estate for the interest acquired;

any sale (including an auction sale), encumbrance, lease, or rental of real property that is an asset of the estate is void if the sale, encumbrance, lease, or rental of the real property causes the personal representative to directly or indirectly acquire a beneficial interest in the real property.

     (c) This section does not prohibit a personal representative from enforcing or fulfilling any enforceable contract or agreement:

(1) executed during the decedent‘s lifetime; and

(2) between the decedent and the personal representative in the personal representative’s individual capacity.

As added by P.L.238-2005, SEC.13. Amended by P.L.99-2013, SEC.7.

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