When someone dies, the person in charge of their estate (called an executor or administrator) can ask the court for permission to sell, borrow against, or rent out belongings that were left behind. They file a paper explaining why and describing what property is involved. The court decides whether to require a public notice before the hearing. If approved, the deal must get the best terms possible. Private deals — ones not done through a public process — are only valid if the court approves them before or after the deal is made.
473.487. Sale, or of . — An or may file a to sell, mortgage or lease any personal property belonging to the . The petition shall set forth the reasons for the and describe the property involved. The petition may be heard with or without notice as the court directs. Notice of the , if required, shall state briefly the nature of the application and shall be given as provided in section 472.100. The court may the sale, mortgage or lease of the property described or any part thereof, on the most advantageous terms obtainable. No report or of the is necessary unless required by the court; but no privately negotiated sale, mortgage or lease made under this section is valid unless or of the court is secured.
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Source & history notes
(L. 1955 p. 385 § 177, A.L. 1957 p. 829)
Related Missouri laws
Sale of real estate on court's motion, when
RSMo 473.490
Sales of perishable property
RSMo 473.483
Petition to sell, mortgage or lease real estate
RSMo 473.493
Validity of proceedings
RSMo 473.480
Creditor or other person may file petition, when
RSMo 473.497
Executor or administrator not to purchase, exception
RSMo 473.477
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.