633.117 Encumbered assets.
153 words·~1 min read·
/ia/chapter-633-probate-code/633-117A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When any assets of the estate are encumbered by mortgage, pledge, or other lien, the fiduciary may pay such encumbrance or any part thereof, renew or extend any obligation secured by the encumbrance, or may convey or transfer such assets to the creditor in satisfaction of the lien, in whole or in part, whether or not the holder of the encumbrance has filed a claim, or the fiduciary may purchase lands claimed or contracted for by the decedent, if it appears to be for the best interests of the estate and if the court shall so order. The making of such payment shall not increase the share of the distributee entitled to such encumbered assets.
[C51, §1380; R60, §2412; C73, §2428; C97, §3354; C24, 27, 31, 35, 39, §11977; C46, 50, 54, 58, 62, §635.72; C66, 71, 73, 75, 77, 79, 81, §633.117]
Referred to in §633.642
Procedure for secured claims, see §633.423