Texas Estates Code 351.051 – Exercise of Authority Under Court Order
(a) A personal representative of an estate may renew or extend any obligation owed by or to the estate on application and order authorizing the renewal or extension. If a personal representative considers it in the interest of the estate, the representative may, on written application to the court and if authorized by court order:
(1) purchase or exchange property;
(2) take claims or property for the use and benefit of the estate in payment of a debt due or owed to the estate;
(3) compound bad or doubtful debts due or owed to the estate;
(4) make a compromise or settlement in relation to property or a claim in dispute or litigation;
(5) compromise or pay in full any secured claim that has been allowed and approved as required by law against the estate by conveying to the holder of the claim the real estate or personal property securing the claim:
(A) in full payment, liquidation, and satisfaction of the claim; and
(B) in consideration of cancellation of notes, deeds of trust, mortgages, chattel mortgages, or other evidences of liens securing the payment of the claim; or
(6) abandon the administration of burdensome or worthless estate property.
(b) Abandoned property may be foreclosed on by a mortgagee or other secured party or a trustee without further court order.
Terms Used In Texas Estates Code 351.051
- Claims: includes :
(1) liabilities of a decedent that survive the decedent's death, including taxes, regardless of whether the liabilities arise in contract or tort or otherwise;
(2) funeral expenses;
(3) the expense of a tombstone;
(4) expenses of administration;
(5) estate and inheritance taxes; and
(6) debts due such estates. See Texas Estates Code 22.005 - Court: means and includes:
(1) a county court in the exercise of its probate jurisdiction;
(2) a court created by statute and authorized to exercise original probate jurisdiction; and
(3) a district court exercising original probate jurisdiction in a contested matter. See Texas Estates Code 22.007 - Estate: means a decedent's property, as that property:
(1) exists originally and as the property changes in form by sale, reinvestment, or otherwise;
(2) is augmented by any accretions and other additions to the property, including any property to be distributed to the decedent's representative by the trustee of a trust that terminates on the decedent's death, and substitutions for the property; and
(3) is diminished by any decreases in or distributions from the property. See Texas Estates Code 22.012 - Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- 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.
- personal representative: include :
(1) an executor and independent executor;
(2) an administrator, independent administrator, and temporary administrator; and
(3) a successor to an executor or administrator listed in Subdivision (1) or (2). See Texas Estates Code 22.031 - Property: means real and personal property. See Texas Government Code 311.005
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Trustee: A person or institution holding and administering property in trust.
- Written: includes any representation of words, letters, symbols, or figures. See Texas Government Code 311.005