When a person in charge of a dead person's estate buys property at a foreclosure sale, the property is held in trust for the people who were owed money or who were set to inherit. If the court sees that the property is not needed to pay off debts, it can be transferred straight to the heirs. The property can also be rented out or sold to pay debts, but only with court approval.
473.283. to , how taken on such purchase — how administered. — 1. Where real estate is acquired under either section 473.277 or 473.280, the thereof shall be made to the or who holds it for the same persons, whether , or , who would be entitled to the of the if the had been redeemed; but if it appears to the court that the property is not required for the payment of debts, or family , the court shall direct that the be made so as to effect a conveyance to the heirs or of the .
2. Any real estate acquired by an executor or administrator under section 473.277 or 473.280 constitutes in his hands, and shall be administered and accounted for as such, and may be leased or sold for the payment of debts in the same manner as any real estate of which the decedent died , but the sale thereof shall be made upon the of the court and upon the filed as provided for by law in other cases.
(RSMo 1939 §§ 95, 96, A.L. 1955 p. 385 § 112)
Prior revisions: 1929 §§ 95, 96; 1919 §§ 94, 95; 1909 §§ 102, 103
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Related Missouri laws
Purchase at foreclosure of mortgage held by estate
RSMo 473.280
Encumbered property to be redeemed, when
RSMo 473.287
Compromise of debts due estate
RSMo 473.277
Payment of debt of decedent secured by property of another
RSMo 473.290
Actions instituted by or against decedent, duties
RSMo 473.273
Disposition of valueless or encumbered property
RSMo 473.293
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.