(755 ILCS 5/Art. XIX heading) ARTICLE XIX
ADMINISTRATION OF PERSONAL ESTATE
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(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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(755 ILCS 5/19-2) (from Ch. 110 1/2, par. 19-2)
Sec. 19-2. Lease, sale, mortgage or pledge of personal estate of ward. By leave
of court a representative may lease, sell, mortgage or pledge any personal estate of the
ward, when in the opinion of the court it is for the best interests of the
ward or his estate.
(Source: P.A. 102-72, eff. 1-1-22.)
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(755 ILCS 5/19-3) (from Ch. 110 1/2, par. 19-3)
Sec. 19-3.
Mortgage of agricultural commodities.) By leave of
court, a representative of an estate eligible therefor may obtain a loan
and mortgage or pledge for a term of not to exceed one year agricultural
commodities as security for a loan pursuant to the provisions of the
federal Agricultural Adjustment Act of 1938, may execute and deliver
such evidences of indebtedness, security interests, pledges and other documents
as may be required in connection therewith, and may repay the
loan or deliver the commodity mortgaged or pledged therefor in
accordance with the terms upon which the loan is made. The proceeds of
the loan are personal estate in the hands of the representative.
(Source: P.A. 80-662.)
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(755 ILCS 5/19-4) (from Ch. 110 1/2, par. 19-4)
Sec. 19-4.
Petition to lease, sell, mortgage or pledge personal estate-notice.)
Before
leasing, selling, mortgaging or pledging any personal estate the representative
shall file a petition in the court which issued his letters stating the facts and
circumstances on which it is founded and a brief description of the personal
estate sought to be leased, sold, mortgaged or pledged. The court may order
such notice of the time and place of the hearing on the petition to be given to
any interested persons as it deems expedient or the court may hear the petition
without notice.
(Source: P.A. 79-328.)
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(755 ILCS 5/19-5) (from Ch. 110 1/2, par. 19-5)
Sec. 19-5.
Order of sale.) (a) The court shall provide in its order of
sale whether the sale shall be public or private.
(b) A public sale shall be for cash or wholly or partly upon credit of not
more than 12 months by taking a note with good security, as the court directs.
The court shall direct that notice of a public sale be given by either of the
following methods: (1) inserting a notice or advertisement of sale in a newspaper
published in the county where the sale is to be made not less than once nor more than
3 times, as the court directs, the first publication to be not less than 5 nor more
than 21 days before the date of sale, or (2) posting a notice or advertisement of
sale in at least 4 public places in the county where the sale is to be made for a
period specified by the court of not less than 5 nor more than 21 days before the
date of sale.
(c) If the court orders a public sale of both personal and real estate the notice
of public sale may be given as provided in Section 20-7 and both types of property
shall be included in the same publication notice.
(d) A private sale shall be for cash or wholly or partly upon credit with or without
security, as the court directs.
(e) In all public sales of personal estate the representative may employ necessary
clerks and auctioneers who shall receive such compensation as the court
deems reasonable,
to be paid as expenses of administration.
(Source: P.A. 79-328.)
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(755 ILCS 5/19-6) (from Ch. 110 1/2, par. 19-6)
Sec. 19-6.
Operating business of decedent.) (a) Except as otherwise directed
by the decedent in his will or except as otherwise provided by law, a representative
has authority, for the preservation and settlement of the estate of a decedent,
to continue
the decedent's unincorporated business during one month next following the
date of issuance
of his letters unless the court directs otherwise, and for such further
time as the court
from time to time may authorize, without personal liability except for malfeasance or
misfeasance for losses incurred. The court may order such notice of the
time and place of
the hearing on the petition to be given to any interested persons as it
deems expedient or
the court may hear the petition without notice. Obligations incurred or
contracts entered
into are entitled to priority of payment out of the assets of the business, but, without
approval of the court first obtained, do not involve the estate beyond these assets.
(b) During the time the business is so conducted, unless otherwise ordered by the
court, the representative shall file monthly reports in the court, setting
forth the receipts
and disbursements of the business for the preceding month and such other
pertinent information
as the court may require.
(Source: P.A. 79-328.)
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(755 ILCS 5/19-7) (from Ch. 110 1/2, par. 19-7)
Sec. 19-7.
Operating business of ward.) Upon receiving the approval of the court,
a representative may operate any unincorporated business belonging to the
ward or in which
he may have any interest and the court may direct the representative in connection
therewith.
(Source: P.A. 79-328.)
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(755 ILCS 5/19-8) (from Ch. 110 1/2, par. 19-8)
Sec. 19-8.
Compounding, compromising or exchanging personal estate.) By leave of
court without notice or upon such notice as the court directs, a representative
may compound or
compromise any claim or any interest of the ward or the decedent in any
personal estate or exchange
any claim or any interest in personal estate for other claims or personal
estate upon such terms
as the court directs.
(Source: P.A. 79-328.)
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(755 ILCS 5/19-9) (from Ch. 110 1/2, par. 19-9)
Sec. 19-9.
Removal of property.) The representative may not remove any personal
estate of his decedent or ward beyond the limits of this State, without the order of the
court. If the representative removes the estate from this State without order of court
he and his surety may be sued and judgment may be rendered against him and
his surety for
the benefit of the estate for the full value of the personal estate removed and the
damages sustained by the removal.
(Source: P.A. 79-328.)
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(755 ILCS 5/19-10) (from Ch. 110 1/2, par. 19-10)
Sec. 19-10.
Contracts of decedent.) By order of court a contract made
by a decedent may be performed by his representative.
(Source: P.A. 79-328.)
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(755 ILCS 5/19-11) (from Ch. 110 1/2, par. 19-11)
Sec. 19-11.
Desperate personal estate of decedent.) (a) Upon
suggestion made in the final account or report or on petition of a
representative stating that any personal estate of the
decedent other than goods and chattels is of desperate
value and giving the reasons therefor, the court may order
the evidence of the desperate personal estate to be deposited
with the clerk of the court for the benefit of such of the
heirs, legatees or creditors of the decedent as may be entitled
thereto, except that if it appears to the court that the
desperate personal estate or any part thereof is totally
worthless the court may direct the representative to destroy
or otherwise dispose of the evidence thereof and file an
affidavit of destruction or disposition with the clerk.
Notice of the hearing on a petition under this Section
shall be given, as the court directs, to unpaid creditors
and to every person entitled to a share of the estate who
has not received that share in full, but no notice need be
given to any person who waives notice. After the deposit
is made or the affidavit is filed the representative has no
further responsibility with respect to or liability for the
desperate personal estate.
(b) By leave of court any heir, legatee or creditor having
an interest in any deposited personal estate may take action
necessary to realize its value, in the name of the representative
or in his own name. Upon realizing the value of the desperate
personal estate or any part thereof, the heir, legatee or creditor
shall report to the court and be chargeable therewith and, after
deducting his claim or distributive share and reasonable
compensation for realizing the value, shall distribute the
overplus as directed by the court. The representative is not
liable for costs or other expenses incurred in any proceeding
or action under this Section.
(c) At any time after 21 years following the deposit of any
desperate personal estate, by leave of the court, the clerk
may destroy or otherwise dispose of the evidence without notice
or upon such notice to interested persons as the court directs
and shall place a certificate of destruction or of disposition
in the estate file.
Any sums realized from the disposition of said personal property shall
be transferred by the clerk pursuant to an order of court to the county
treasurer of the county in which the estate was administered for deposit
into the general fund of the county.
Any person having a right thereto may file a claim with the court which
ordered the disposition of the property for the sum realized from such
disposition. Upon proof of the claimant's right thereto the court may enter
an order upon the county treasurer to pay the claimant the amount to which
the claimant is entitled without interest.
Unless a claim is filed within one year from the date of the order
transferring the sums realized to the county treasurer said sums shall
escheat to and become the property of the county.
(Source: P.A. 84-555; 84-690.)
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(755 ILCS 5/19-12) (from Ch. 110 1/2, par. 19-12)
Sec. 19-12.
Nominee registration.) Unless otherwise provided by the will, a
representative or his agent, custodian or depositary may cause stocks, bonds and other
personal property of the estate to be registered and held in the name of
a nominee without
mention of the fiduciary relationship in any instrument or record constituting or
evidencing title thereto. The representative is liable for the acts of the nominee with
respect to any property so registered. The records of the representative shall at all
times show the ownership of the property. Any property so registered shall be in the
possession and control of the representative and kept separate from his
individual property.
(Source: P.A. 79-328.)
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(755 ILCS 5/19-13) (from Ch. 110 1/2, par. 19-13)
Sec. 19-13.
Decedent's account books.) The books of account of a decedent are
subject to the inspection of all persons interested therein.
(Source: P.A. 79-328.)
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(755 ILCS 5/19-14)
Sec. 19-14.
Administrator or executor; legal proceeding; participation.
If there is more than one
administrator or executor of a decedent's estate and one of the administrators
or
executors is a corporation qualified to act as a representative of the estate
of a decedent
and if the administrators or executors of the decedent's estate appear for and
represent the estate in a legal proceeding in which the compensation of the
attorney or
attorneys representing the administrators or executors is solely determined
under a
contingent fee arrangement, then upon petition and approval by the court, the
administrator or executor of the decedent's
estate which
is a corporation shall not participate in or have any duty to review the
prosecution of the
action, to participate in or review the appropriateness
of any settlement of the action, or
to
participate in or review any determination of the appropriateness of any fees
awarded to
the attorney or attorneys employed in the prosecution of the action.
(Source: P.A. 92-288, eff. 8-9-01.)
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