If it be necessary to sell personal property for the payment of debts, or in case there are no debts and it is to the best interest of all parties concerned, the executor or administrator shall file a petition for an order of sale in which the reasons for the same shall be made known. In case there are no debts, five days’ notice to the parties in interest who have not joined in said petition shall be given of the time and place of hearing said petition, or publication made, as provided by law, for nonresident or unknown defendants in chancery. If the court or chancellor in vacation be satisfied that a sale is necessary or proper, an order may be made for the sale of part or the whole of the personal estate; and if a part be ordered sold, the court or chancellor in vacation in selecting such part shall have in view the best interest of the creditors and distributees. The executor or administrator shall advertise in three or more public places in the county ten days before the sale, and shall sell the property designated in the order at public sale to the highest bidder, either for cash or credit, as the order of sale may direct. The executor or administrator shall not become the purchaser of any property which he may sell, either directly or indirectly, nor shall any executor or administrator take the estate or any part thereof at the appraised value.
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