Iowa Code 633.386 – Sale, mortgage, pledge, lease or exchange of property — purposes
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1. Any real or personal property belonging to the decedent, except exempt personal property and the homestead, may be sold, mortgaged, pledged, leased or exchanged by the personal representative for any of the following purposes:
a. The payment of debts and charges against the estate;
b. The distribution of the estate or any part thereof;
c. Any other purpose in the best interests of the estate.
Terms Used In Iowa Code 633.386
- Charges: includes costs of administration, funeral expenses, cost of monument, and federal estate taxes. See Iowa Code 633.3
- Court: means , when referring to a court of this state, the district court sitting in probate with jurisdiction of conservatorships and guardianships. See Iowa Code 633.701
- Debts: includes liabilities of the decedent which survive, whether arising in contract, tort, or otherwise. See Iowa Code 633.3
- Decedent: A deceased person.
- Estate: means the real and personal property of either a decedent or a ward, and may also refer to the real and personal property of a trust described in section 633. See Iowa Code 633.3
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- personal property: include money, goods, chattels, evidences of debt, and things in action. See Iowa Code 4.1
- Personal property: All property that is not real property.
- Personal representative: includes executor and administrator. See Iowa Code 633.3
- Property: includes both real and personal property. See Iowa Code 633.3
- Surviving spouse: means the surviving wife or husband, as the case may be. See Iowa Code 633.3
2. Exempt personal property under such provisions as the court may direct, if not set off to the surviving spouse, may be sold, mortgaged, pledged, leased, or exchanged, provided that the surviving spouse consents thereto.
3. The homestead, under such provisions as the court may direct, if not set off to the surviving spouse and if the surviving spouse has not elected to occupy the homestead, may be sold, mortgaged, pledged, leased or exchanged.
4. The proceeds from the sale of any exempt personal property or from the sale of the homestead shall be held by the personal representative subject to the rights of the surviving spouse or issue, unless such surviving spouse or issue has expressly waived the rights to such proceeds.