Mortgage Or Pledge of Estate Property Authorized In Certain Circumstances

Sec. 351.251. MORTGAGE OR PLEDGE OF ESTATE PROPERTY AUTHORIZED IN CERTAIN CIRCUMSTANCES. Under order of the court, a personal representative of an estate may mortgage or pledge by deed of trust or otherwise as security for an indebtedness any property of the estate as necessary for: (1) the payment of any ad valorem, income, gift, estate, inheritance, or transfer taxes on the transfer of an estate or due from a decedent or the estate, regardless of whether those taxes are assessed by a state, a political subdivision of a state, the federal government, or a foreign country; (2) the payment of expenses of administration, including amounts necessary for operation of a business, farm, or ranch owned by the estate; (3) the payment of claims allowed and approved, or established by suit, against the estate; or (4) the renewal and extension of an existing lien. Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.