A. Any sale or encumbrance to the personal representative, his spouse, agent or attorney, or any corporation or trust in which he has a substantial beneficial interest, or any transaction which is affected by a substantial conflict of interest on the part of the personal representative, is voidable by any interested person except one who has consented after fair disclosure, unless:
(1) the will or a contract entered into by the decedent expressly authorized the transaction; or
(2) the transaction is approved by the district court after notice to interested persons.
B. An interested person must petition the district court to void the sale, encumbrance or transaction within the time limits set out by Section 3-1005 [45-3-1005 NMSA 1978].
History: 1953 Comp., § 32A-3-713, enacted by Laws 1975, ch. 257, § 3-713.
Official comments. — See Commissioners on Uniform State Law official comment to 3-713 UPC.
Am. Jur. 2d, A.L.R. and C.J.S. references. — Purchase by executor, administrator or trustee of claims against estate or trust, 128 A.L.R. 917.
Corporate executor's or administrator's transaction with affiliated corporation as violation of rule against self-dealing, 151 A.L.R. 905.
33 C.J.S. Executors and Administrators §§ 239, 273, 292, 313, 314.
Structure New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 3 - Probate of Wills and Administration
Part 7 - DUTIES AND POWERS OF PERSONAL REPRESENTATIVES
Section 45-3-701 - Time of accrual of duties and powers.
Section 45-3-702 - Priority among different letters.
Section 45-3-704 - Personal representative to proceed without court order; exception.
Section 45-3-705 - Duty of personal representative; notice to heirs and devisees.
Section 45-3-706 - Duty of personal representative; inventory and appraisement.
Section 45-3-707 - Employment of appraisers.
Section 45-3-708 - Duty of personal representative; supplementary inventory.
Section 45-3-709 - Duty of personal representative; possession of estate.
Section 45-3-710 - Power to avoid transfers.
Section 45-3-711 - Powers of personal representatives; in general.
Section 45-3-712 - Improper exercise of power; breach of fiduciary duty.
Section 45-3-714 - Persons dealing with personal representative; protection.
Section 45-3-715 - Transactions authorized for personal representatives; exceptions.
Section 45-3-716 - Powers and duties of successor personal representative.
Section 45-3-717 - Co-representatives; when joint action required.
Section 45-3-718 - Powers of surviving personal representative.
Section 45-3-719 - Compensation for personal representatives.
Section 45-3-720 - Expenses in estate litigation.
Section 45-3-721 - Proceedings for review of employment and compensation.