(755 ILCS 5/19-1) (from Ch. 110 1/2, par. 19-1)
Sec. 19-1.
Lease, sale, mortgage or pledge of personal estate of decedent.) (a) By
leave of court, a representative may lease, sell, mortgage or pledge the
personal estate of the
decedent when it is necessary for the proper administration of the estate. Personal
property selected by the surviving spouse or child or specifically bequeathed
or directed
by the testator not to be sold may not be sold, mortgaged or pledged unless
necessary for
the payment of claims, expenses of administration, estate or inheritance
taxes or the proper
administration of the estate.
(b) If the sale of the personal estate is not necessary for the payment of claims or
expense of administration or the proper distribution of the estate, the
court may order the
personal estate to be distributed in kind.
(c) The provisions of this Article for the lease, sale, mortgage or pledge of personal
estate do not apply to leases, sales, mortgages or pledges made without
order of court by a
representative under a power given in the will. The lease, sale, mortgage
or pledge of any
personal estate by a representative under a power given in a will is valid
regardless of the
subsequent setting aside of the will or any other action which might limit
or restrain the
right of the representative to transfer title or to lease, sell, mortgage or pledge such
personal estate. A lessee, purchaser, mortgagee or pledgee from a representative
under a
power in a will obtains the same title or interest as though the instrument
were executed by
the decedent immediately prior to his death and the rights and claims of
all parties claiming
under or through the decedent shall be transferred to the consideration
received or to be
received from the lease, sale, mortgage or pledge.
(Source: P.A. 79-328.)
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