Continuation of Business of Decedent

Section 553:30

    553:30 Authorization to Continue Business. – Upon a showing of advantage to the estate the probate court may authorize the executor, administrator or special administrator to continue any business of the decedent for the benefit of the estate, but if the decedent died testate and his estate is solvent the decree shall be subject to the provisions of the will. The decree may be entered with or without notice, except that if entered without notice it shall be a decree nisi, in which event an order of notice shall issue within five days after the decree, and the decree shall become absolute only after notice and hearing; but the conduct of any business pursuant to such a decree nisi shall not be invalidated by failure of the court to make such decree absolute. Any decree entered hereunder may be revoked or modified for cause shown at any time. The decree may provide (a) the extent of the liability of the estate, or any part thereof, or of the executor or administrator, for obligations incurred in the continuation of the business; (b) whether liabilities incurred in the conduct of the business are to be chargeable solely to the part of the estate set aside for use in the business or to the estate as a whole; and (c) such other conditions, restrictions, regulations and requirements as may be deemed for the benefit of the estate and of creditors thereof. The authority shall not be granted for more than one year from the date of the appointment of the executor or administrator, except that for cause shown the authority may be extended from time to time, but no single extension shall be for more than one year.

Source. 1947, 135:1. RL 352:30.