When someone owes money to a dead person's estate, the person in charge of that estate (called an executor or administrator) can make a deal with the debtor to settle the debt. They can also change the terms of what is owed, like giving more time to pay. If the estate holds a claim against someone's property, the person in charge can take that property instead of going through a formal legal process to collect. A court has to approve any of these deals for them to count.
473.277. of debts due . — When it appears for the best interest of the estate, the or , on of the court, may effect a fair and reasonable compromise with any debtor or other , or extend, renew or in any manner the terms of any owing to the estate. If the executor or administrator holds a , or other upon property of another person, he may accept, , a or of the from the owner thereof in of the secured by the lien, if it appears for the best interest of the estate and if the court so orders. In the absence of or of the court, no compromise binds the estate.
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Source & history notes
(L. 1955 p. 385 § 110)
Related Missouri laws
Purchase at foreclosure of mortgage held by estate
RSMo 473.280
Actions instituted by or against decedent, duties
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Title to real estate, how taken on such purchase
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Collection of debts, prosecution and defense of suits
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Assets for payment of claims
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Encumbered property to be redeemed, when
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Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.