Section 473.500

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 473

Effective - 01 Jan 1981, see footnote   

  473.500.  Order for sale, mortgage or lease of property, content — duration — reappraisal, when. — The order shall describe the property to be sold, mortgaged or leased and may designate the sequence in which the several parcels shall be sold, mortgaged or leased.  An order for sale shall direct whether the property shall be sold at private sale or public auction.  If real property is to be sold at private sale it shall direct that the same shall not be sold for less than three-fourths of the appraised value; or if real property is to be leased, it shall direct that the same shall not be leased for less than the appraised rental value.  If real property is to be mortgaged, it shall fix the maximum amount of principal, the maximum rate of interest, the earliest and latest date of maturity, and shall direct the purpose for which the proceeds shall be used.  An order for sale, mortgage or lease shall remain in force until terminated by the court.  The court may, if it finds that there is probable cause to believe that the value of the property has changed, order a reappraisal thereof.

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(L. 1955 p. 385 § 181, A.L. 1959 S.B. 141, A.L. 1980 S.B. 637)

Effective 1-01-81