Oregon Statutes 114.305 – Transactions authorized for personal representative
Subject to the provisions of ORS § 97.130 (2) and (11) and except as restricted or otherwise provided by the will of the decedent, a document of anatomical gift under ORS § 97.965 or by court order, a personal representative, acting reasonably for the benefit of interested persons, is authorized to:
Terms Used In Oregon Statutes 114.305
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- 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.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) Direct and authorize disposition of the remains of the decedent pursuant to ORS § 97.130 and incur expenses for the funeral in a manner suitable to the condition in life of the decedent. Only those funeral expenses necessary for a plain and decent funeral may be paid from the estate if the assets are insufficient to pay the claims of the Department of Human Services and the Oregon Health Authority for the net amount of public assistance, as defined in ORS § 411.010, or medical assistance, as defined in ORS § 414.025, paid to or for the decedent and for care and maintenance of any decedent who was at a state institution to the extent provided in ORS § 179.610 to 179.770.
(2) Retain assets owned by the decedent pending distribution or liquidation.
(3) Receive assets from fiduciaries or other sources.
(4) Complete, compromise or refuse performance of contracts of the decedent that continue as obligations of the estate, as the personal representative may determine under the circumstances. In performing enforceable contracts by the decedent to convey or lease real property, the personal representative, among other courses of action, may:
(a) Execute and deliver a deed upon satisfaction of any sum remaining unpaid or upon receipt of the note of the purchaser adequately secured; or
(b) Deliver a deed in escrow with directions that the proceeds, when paid in accordance with the escrow agreement, be paid to the successors of the decedent, as designated in the escrow agreement.
(5) Satisfy written pledges of the decedent for contributions, whether or not the pledges constituted binding obligations of the decedent or were properly presented as claims.
(6) Deposit funds not needed to meet currently payable debts and expenses, and not immediately distributable, in bank or savings and loan association accounts, or invest the funds in bank or savings and loan association certificates of deposit, or federally regulated money-market funds and short-term investment funds suitable for investment by trustees under ORS § 130.750 to 130.775, or short-term United States Government obligations.
(7) Abandon burdensome property when it is valueless, or is so encumbered or is in a condition that it is of no benefit to the estate.
(8) Vote stocks or other securities in person or by general or limited proxy.
(9) Pay calls, assessments and other sums chargeable or accruing against or on account of securities.
(10) Sell or exercise stock subscription or conversion rights.
(11) Consent, directly or through a committee or other agent, to the reorganization, consolidation, merger, dissolution or liquidation of a corporation or other business enterprise.
(12) Hold a security in the name of a nominee or in other form without disclosure of the interest of the estate, but the personal representative is liable for any act of the nominee in connection with the security so held.
(13) Insure the assets of the estate against damage and loss, and insure the personal representative against liability to third persons.
(14) Advance or borrow money with or without security.
(15) Compromise, extend, renew or otherwise modify an obligation owing to the estate. A personal representative who holds a mortgage, pledge, lien or other security interest may accept a conveyance or transfer of the encumbered asset in lieu of foreclosure in full or partial satisfaction of the indebtedness.
(16) Accept other real property in part payment of the purchase price of real property sold by the personal representative.
(17) Pay taxes, assessments and expenses incident to the administration of the estate.
(18) Employ qualified persons, including attorneys, accountants and investment advisers, to advise and assist the personal representative and to perform acts of administration, whether or not discretionary, on behalf of the personal representative.
(19) Prosecute or defend actions, claims or proceedings in any jurisdiction for the protection of the estate and of the personal representative in the performance of duties as personal representative.
(20) Prosecute claims of the decedent including those for personal injury or wrongful death.
(21) Continue any business or venture in which the decedent was engaged at the time of death to preserve the value of the business or venture.
(22) Incorporate or otherwise change the business form of any business or venture in which the decedent was engaged at the time of death.
(23) Discontinue and wind up any business or venture in which the decedent was engaged at the time of death.
(24) Provide for exoneration of the personal representative from personal liability in any contract entered into on behalf of the estate.
(25) Satisfy and settle claims and distribute the estate as provided in ORS chapters 111, 112, 113, 114, 115, 116 and 117.
(26) Perform all other acts required or permitted by law or by the will of the decedent. [1969 c.591 § 127; 1969 c.597 § 278; 1977 c.211 § 1; 1981 c.278 § 1; 1995 c.157 § 16; 1997 c.472 § 10; 2001 c.900 § 17; 2005 c.348 § 126; 2007 c.681 § 25; 2011 c.164 § 4; 2011 c.720 § 59; 2013 c.688 § 16; 2016 c.42 § 22; 2019 c.83 § 2]
[Repealed by 1969 c.591 § 305]