Effective 28 Aug 1957

473.493. Petition to sell, mortgage or lease real estate — notice — order. — 1. An executor or administrator may file a petition to sell, mortgage or lease any real property belonging to the estate. The petition shall set forth the reason for the application and describe the property involved. It may apply for different authority as to separate parts of the property; or it may apply in the alternative for authority to sell, mortgage or lease. If the property is bound by the lien of a judgment or attachment, that fact shall be stated in the petition together with detailed information as to the date, amount and holder of the lien. Upon the filing of the petition, the court shall fix the time and place for the hearing thereof.

2. Notice of the hearing shall state briefly the nature of the application and shall be given to heirs and devisees whose names and addresses appear in the files or records of the case in the probate division of the circuit court and who are interested persons and to such other persons as the court directs. The notice shall be given by ordinary mail or by publication or both as ordered by the court. Publication, if any, shall be at least once each week for four consecutive weeks in accordance with section 472.100. Where service by publication is ordered, the hearing shall be held at the time specified in the notice which shall not be before the thirtieth day or later than the forty-second day after the date of the first insertion of the publication and, in other cases, the hearing shall be had at the time specified in the notice. For good cause shown on the date specified, or on a date to which the hearing is duly continued, the court may continue the hearing to a later date without further notice.

3. At the hearing and upon satisfactory proofs, the court may order the sale, mortgage or lease of the property described or any part thereof. When a claim secured by a mortgage on real property, under the provisions of this law, is payable at the time of distribution of the estate or prior thereto, the court with the consent of the mortgagee may, nevertheless, order the sale of the real property subject to the mortgage, but such consent releases the estate should a deficiency later appear.

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(L. 1955 p. 385 § 179, A.L. 1957 p. 829)