Tex.
Est. Code Section 351.203
Powers of Personal Representative Regarding Business
(a)
A personal representative granted authority to operate a business in an order entered under Section 351.202 (Order Requiring Personal Representative to Operate Business)(a) has the powers granted under Section 351.052 (Exercise of Authority Without Court Order), regardless of whether the order specifies that the representative has those powers, unless the order specifically provides that the representative does not have one or more of the powers listed in Section 351.052 (Exercise of Authority Without Court Order).(b)
In addition to the powers granted to the personal representative under Section 351.052 (Exercise of Authority Without Court Order), subject to any specific limitation on those powers in accordance with Subsection (a), an order entered under Section 351.202 (Order Requiring Personal Representative to Operate Business)(a) may grant the representative one or more of the following powers:(1)
the power to hire, pay, and terminate the employment of employees of the business;(2)
the power to incur debt on behalf of the business, including debt secured by liens against assets of the business or estate, if permitted or directed by the order;(3)
the power to purchase and sell property in the ordinary course of the operation of the business, including the power to purchase and sell real property if the court finds that the principal purpose of the business is the purchasing and selling of real property and the order states that finding;(4)
the power to enter into a lease or contract, the term of which may extend beyond the settlement of the estate, but only to the extent that granting the power appears to be consistent with the speedy settlement of the estate; and(5)
any other power the court finds necessary with respect to the operation of the business.(c)
If the order entered under Section 351.202 (Order Requiring Personal Representative to Operate Business)(a) gives the personal representative the power to purchase, sell, lease, or otherwise encumber property:(1)
the purchase, sale, lease, or encumbrance is governed by the terms of the order; and(2)
the representative is not required to comply with any other provision of this title regarding the purchase, sale, lease, or encumbrance, including any provision requiring citation or notice.
Source:
Section 351.203 — Powers of Personal Representative Regarding Business, https://statutes.capitol.texas.gov/Docs/ES/htm/ES.351.htm#351.203 (accessed Apr. 29, 2024).
