Page:United States Statutes at Large Volume 76A.djvu/710

From Wikisource
Jump to: navigation, search
This page needs to be proofread.

–614–

-614§ 1706. Sale of property to pay debts, legacies, family allowance, or expenses; selection (a) I n selling property to pay debts, legacies, family allowance or expenses, there is no priority as between personal and real property. When a sale of property of the estate is necessary for any such purpose, or when it is for the advantage, benefit, and best interests of the estate and those interested therein that property of the estate be sold^ the executor or administrator may sell the property, using his discretion as to which property to sell first, except as provided by sections 1701-1703 of this title. (b) The executor or administrator in making a sale pursuant to subsection (a) of this section may sell the entire interest of the estate in the property or any lesser interest or estate therein. § 1707. Confirmation of sales All sales of property shall be reported under oath to and be confirmed by the court, before the title to the property passes. § 1708. Sale of perishable and depreciating property, and of personal property necessary to pay family allowance At any time after receiving letters, the executor, administrator, or special administrator may sell perishable and other personal property likely to depreciate in value, or which will incur loss or expense by being kept, and as much other personal property as may be necessary to provide the allowance made to the family of the decedent pending the receipt of other sufficient funds, and title shall pass without confirmation; but the executor, administrator, or special administrator is responsible for the property unless, after making a sworn return, and on a proper showing, the court approves the sale. § 1709. Sale of personal property at public auction or private sale; notice The sale of personal property may be made at public auction or private sale, for cash, and, except in the case of perishable property, after public notice given for at least 10 days by notices posted in three public places in the Canal Zone, or by puljlication in a newspaper of general circulation in the Canal Zone, or both, as the executor or administrator determines, containing the time and place of sale, and a brief description of the property to be sold. Public sales shall be made at the courthouse door, or at another public place, or at the residence of the decedent; but a sal© may not be made of any personal property which is not present at the time of the sale, unless the court otherwise orders. § 1710. Partnership and pledged property interests; choses in action; duty of court Partnership interests or interests belonging to an estate by virtue of a partnership formerly existing, interest in personal property pledged, and choses in action, may be sold in the same manner as other personal property, when it appears to be for the best interest of the estate. Before confirming the sale of a partnership interest, whether made to the surviving partner or to any other person, the court shall inquire into the condition of the partnership affairs, and shall examine the surviving partner, if in the Canal Zone and able to be present in court.