28A-15-4. Encumbered assets.
When any assets of the estate are encumbered by mortgage, pledge, lien or other security interest, the personal representative may pay the underlying debt secured by the encumbrance or any part of the underlying debt, renew or extend any obligation secured by the encumbrance, or convey or transfer the encumbered assets to the creditor in satisfaction of the underlying debt, in whole or in part, whether or not the holder of the encumbrance has filed a claim, if it appears to be for the best interest of the estate; provided that payment of an underlying debt shall not increase the share of the distributee entitled to the encumbered assets unless the distributee is entitled to exoneration by express provisions of the will. (1973, c. 1329, s. 3; 2011-344, s. 4; 2019-113, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 28A - Administration of Decedents' Estates
Article 15 - Assets; Discovery of Assets.
§ 28A-15-1 - Assets of the estate generally.
§ 28A-15-2 - Title and possession of property.
§ 28A-15-3 - Nonexoneration of encumbered property.
§ 28A-15-4 - Encumbered assets.
§ 28A-15-5 - Order in which assets appropriated; abatement.
§ 28A-15-6 - Federal income tax refunds joint returns.
§ 28A-15-7 - Federal income tax refunds separate returns.
§ 28A-15-8 - State income tax returns.
§ 28A-15-10 - Assets of decedent's estate for limited purposes.
§ 28A-15-11 - Debt due from personal representative not discharged by appointment.
§ 28A-15-12 - Actions to recover property of decedent.
§ 28A-15-13 - Opening and inventory of decedent's safe-deposit box.