(a)

(1) Unless a testator shall otherwise direct by his or her last will and testament, a personal representative shall have authority to continue any business in which the decedent may have been engaged at the time of death for a period not exceeding one (1) month following the date of the granting of letters of administration without obtaining an order of the court, and, if the business is that of conducting farming operations, he or she may so continue the farming operations for a period of three (3) months or until the end of the calendar year in which the death of the decedent occurred, whichever shall be the longer.

(2) Thereafter, upon petition of the personal representative, the court may order the further continuance of the operation of the business, if not a farming operation, by the personal representative for an additional period not to exceed three (3) months, and for an additional period not to exceed one (1) year if it is a farming operation.

(3) The petition shall set forth the reasons why the petitioner believes the business should be further continued and a brief financial statement of the operation of the business by the petitioner.

(4) The court may from time to time further continue the period during which the business may be so operated. However, no one (1) continuance shall be for a period exceeding three (3) months if a non-farming operation or one (1) year for a farming operation.

(5) The personal representative shall not have the authority to bind the estate beyond the last period during which the business was authorized to be continued.

(b) The estate, but not the personal representative personally, shall be liable for damages resulting from torts or other acts committed by agents and employees of the estate in the course of their employment.

(c) It is specifically recognized that the operation of any business undertaking involves hazard, chance, and danger of loss. In recognition of this fact, it is declared to be the legislative intent that no personal representative shall be held personally liable for loss resulting from mere lack of familiarity with the business operations, mistake of judgment made in good faith, or like causes.