The Florida Senate

733.612  Transactions authorized for the personal representative; exceptions.--Except as otherwise provided by the will or by order of court, and subject to the priorities stated in s. 733.805, without order of court, a personal representative, acting reasonably for the benefit of the interested persons, may properly:

(1)  Retain assets owned by the decedent, pending distribution or liquidation, including those in which the personal representative is personally interested or that are otherwise improper for trust investments.

(2)  Perform or compromise, or, when proper, refuse performance of, the decedent's contracts. In performing enforceable contracts by the decedent to convey or lease real property, among other possible courses of action, the personal representative may:

(a)  Convey the real property for cash payment of all sums remaining due or for the purchaser's note for the sum remaining due, secured by a mortgage on the land.

(b)  Deliver a deed in escrow, with directions that the proceeds, when paid in accordance with the escrow agreement, be paid to the distributees of the decedent, as designated in the escrow agreement.

(3)  Receive assets from fiduciaries or other sources.

(4)  If funds are not needed to meet debts and expenses currently payable and are not immediately distributable, deposit or invest liquid assets of the estate, including moneys received from the sale of other assets, in federally insured interest-bearing accounts, readily marketable secured loan arrangements, or other prudent investments that would be reasonable for use by trustees.

(5)  Acquire or dispose of an asset, excluding real property in this or another state, for cash or on credit and at public or private sale, and manage, develop, improve, exchange, partition, or change the character of an estate asset.

(6)  Make ordinary or extraordinary repairs or alterations in buildings or other structures; demolish improvements; or erect new party walls or buildings.

(7)  Enter into a lease, as lessor or lessee, for a term within, or extending beyond, the period of administration, with or without an option to renew.

(8)  Enter into a lease or arrangement for exploration and removal of minerals or other natural resources or enter into a pooling or unitization agreement.

(9)  Abandon property when it is valueless or so encumbered, or in such condition, that it is of no benefit to the estate.

(10)  Vote, or refrain from voting, stocks or other securities in person or by general or limited proxy.

(11)  Pay calls, assessments, and other sums chargeable or accruing against, or on account of, securities, unless barred by the provisions relating to claims.

(12)  Hold property in the name of a nominee or in other form without disclosure of the interest of the estate, but the personal representative is liable for any act of the nominee in connection with the property so held.

(13)  Insure the assets of the estate against damage, loss, and liability and insure himself or herself against liability to third persons.

(14)  Borrow money, with or without security, to be repaid from the estate assets or otherwise, other than real property, and advance money for the protection of the estate.

(15)  Extend, renew, or in any manner modify any obligation owing to the estate. If the personal representative holds a mortgage, security interest, or other lien upon property of another person, he or she may accept a conveyance or transfer of encumbered assets from the owner in satisfaction of the indebtedness secured by its lien instead of foreclosure.

(16)  Pay taxes, assessments, and other expenses incident to the administration of the estate.

(17)  Sell or exercise stock subscription or conversion rights or consent, directly or through a committee or other agent, to the reorganization, consolidation, merger, dissolution, or liquidation of a corporation or other business enterprise.

(18)  Allocate items of income or expense to either estate income or principal, as permitted or provided by law.

(19)  Employ persons, including attorneys, accountants, auditors, investment advisers, and others, even if they are one and the same as the personal representative or are associated with the personal representative, to advise or assist the personal representative in the performance of his or her administrative duties; act upon the recommendations of such employed persons without independent investigation; and, instead of acting personally, employ one or more agents to perform any act of administration, whether or not discretionary. Any fees and compensation paid to any such person who is the same as, associated with, or employed by, the personal representative shall be taken into consideration in determining the personal representative's compensation.

(20)  Prosecute or defend claims or proceedings in any jurisdiction for the protection of the estate and of the personal representative in the performance of his or her duties.

(21)  Sell, mortgage, or lease any personal property of the estate or any interest in it for cash, credit, or for part cash or part credit, and with or without security for the unpaid balance.

(22)  Continue any unincorporated business or venture in which the decedent was engaged at the time of his or her death:

(a)  In the same business form for a period of not more than 4 months from the date of his or her appointment, if continuation is a reasonable means of preserving the value of the business, including good will.

(b)  In the same business form for any additional period of time that may be approved by order of court.

(23)  Provide for exoneration of the personal representative from personal liability in any contract entered into on behalf of the estate.

(24)  Satisfy and settle claims and distribute the estate as provided in this code.

(25)  Enter into agreements with the proper officer or department head, commissioner, or agent of any department of the government of the United States, waiving the statute of limitations concerning the assessment and collection of any federal tax or any deficiency in a federal tax.

(26)  Make part distribution to the beneficiaries of any part of the estate not necessary to satisfy claims, expenses of administration, taxes, family allowance, exempt property, and an elective share, in accordance with the decedent's will or as authorized by operation of law.

(27)  Execute any instruments necessary in the exercise of the personal representative's powers.

History.--s. 1, ch. 74-106; s. 78, ch. 75-220; s. 3, ch. 76-172; s. 31, ch. 77-87; s. 1, ch. 77-174; s. 271, ch. 79-400; s. 1009, ch. 97-102.