Powers and duties of independent personal representative

473.810. Powers and duties of independent personal representative. — Except as restricted or otherwise provided by the will, an independent personal representative, acting reasonably for the benefit of the interested persons, may properly:

(1) Retain assets owned by the decedent pending distribution or liquidation, including those in which the representative is personally interested or which are otherwise improper for trust investment;

(2) Receive assets from fiduciaries or other sources;

(3) Perform, compromise, or refuse performance of the decedent's contracts that continue as obligations of the estate, as he may determine under the circumstances. In performing enforceable contracts by the decedent to convey or lease land, the independent personal representative, among other possible courses of action, may do either of the following:

(a) Execute and deliver a deed of conveyance for cash payment of all sums remaining due or for the purchaser's note for the sum remaining due secured by a mortgage or deed of trust on the land;

(b) Deliver a deed in escrow with directions that the proceeds, when paid in accordance with the escrow agreement, be paid to the successors of the decedent, as designated in the escrow agreement;

(4) If funds are not needed to meet debts and expenses currently payable and are not immediately distributable, deposit or invest liquid assets of the estate, including moneys received from the sale of other assets, in federally insured interest-bearing accounts, readily marketable secured loan arrangements, or other prudent investments which would be reasonable for use by trustees generally;

(5) Make ordinary repairs to buildings or other structures;

(6) Vote stocks or other securities in person or by general or limited proxy;

(7) Pay calls, assessments, and other sums chargeable or accruing against or on account of securities, unless barred by the provisions relating to claims;

(8) Hold a security in the name of a nominee, or in other form, without disclosure of the interest of the estate; but the independent personal representative is liable for any act of the nominee in connection with the security so held;

(9) Insure the assets of the estate against damage, loss, and liability, and himself against liability as to third persons;

(10) Effect a fair and reasonable compromise with any debtor or obligor, or extend, renew, or in any manner modify the terms of an obligation owing to the estate. If the independent personal representative holds a mortgage, pledge, or other lien upon property of another person, he may, in lieu of foreclosure, accept a conveyance or transfer of encumbered assets from the owner thereof in satisfaction of the indebtedness secured by lien;

(11) Pay taxes, assessments, compensation of the independent personal representative, and other expenses incident to the administration of the estate;

(12) Sell or exercise stock subscription or conversion rights; consent, directly or through a committee or other agent, to the reorganization, consolidation, merger, dissolution, or liquidation of a corporation or other business enterprise;

(13) Allocate items of income or expense to either estate income or principal, as permitted or provided by law;

(14) Employ persons, including attorneys, auditors, investment advisors, or agents, to advise or assist the independent personal representative in the performance of his administrative duties; act without independent investigation upon their recommendations; and instead of acting personally, employ one or more agents to perform any act of administration, whether or not discretionary;

(15) Prosecute or defend claims, or proceedings in any jurisdiction for the protection of the estate and of the independent personal representative in the performance of his duties;

(16) Sell, mortgage, or lease any real or personal property of the estate or any interest therein for cash, credit, or for part cash and part credit, and with or without security for unpaid balances;

(17) Continue any unincorporated business or venture in which the decedent was engaged at the time of his death (a) in the same business form for a period of not more than four months from the date of appointment of a general independent personal representative, if continuation is a reasonable means of preserving the value of the business including good will; (b) in the same business form for any additional period of time that may be approved by order of the court in a proceeding to which the persons interested in the estate are parties; or (c) throughout the period of administration if the business is incorporated by the independent personal representative and if none of the probable distributees of the business who are competent adults object to its incorporation and retention in the estate;

(18) Incorporate any business or venture in which the decedent was engaged at the time of his death;

(19) Provide for exoneration of the independent personal representative from personal liability in any contract entered into on behalf of the estate;

(20) Satisfy and settle claims, and distribute the estate, as provided in this code.