§ 525.38 — Realty Acquired
Plain-Language Summary
When a personal representative forecloses a mortgage or buys property at a foreclosure sale on behalf of the estate, the real estate is treated as personal property and distributed to heirs as part of the estate.
525.38 524.8-102
525.38 REALTY ACQUIRED.
When a foreclosure sale or a sale on execution for the recovery of a debt due the estate is had or redemption is made the personal representative shall receive the money paid and execute the necessary satisfaction or release. If bid in by the personal representative or if bid in by the decedent or ward and the redemption period expired during the administration of the estate or guardianship or conservatorship without redemption, the real estate shall be treated as personal property. If not so sold, mortgaged, or leased, the real estate or, if so sold, mortgaged, or leased, the proceeds shall be assigned or distributed to the same persons and in the same proportions as if it had been part of the personal estate of the decedent, unless otherwise provided in the will.
History:
History: History:
1975 c 347 s 102