Texas Estates Code

§ 351.251 — MORTGAGE OR PLEDGE OF ESTATE PROPERTY AUTHORIZED IN CERTAIN CIRCUMSTANCES

ES § 351.251Title 2. ESTATES OF DECEDENTS; DURABLE POWERS OF ATTORNEY · Part H. CONTINUATION OF ADMINISTRATION · Ch. 351. POWERS AND DUTIES OF PERSONAL REPRESENTATIVES IN GENERAL · Art. F. AUTHORITY TO ENGAGE IN CERTAIN BORROWING

Statute text

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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.

Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.