ADMINISTRATION OF ESTATES ACT - 1961 (ACT 63)

Section - 93 - Realisation of Assets

(1) Subject to subsection (2) of this section the personal representative may, so far as required for the purposes of administration sell and convert into money any movable and immovable property of the deceased other than those household chattels and immovable property to which sections 3 and 4 of the Intestate Succession Law, 1985 (PNDCL 111) apply.

(2) Notwithstanding subsection (1) of this section if the personal representative is of the opinion that the conversion into money of those household chattels and the immovable property referred to in that subsection is necessary for the purposes of administration he shall apply to the Court for an order to sell and convert into money those household chattels and immovable property.

(3) The Court shall, in making an order under subsection (2) of this section, consider all the circumstances of the case, including the wishes of those beneficiaries entitled to the household chattels and the immovable property.

(4) Out of the money arising from sale and conversion and any ready money of the deceased, the personal representative shall pay all testamentary and administration expenses, debts and other liabilities properly payable therefrom having regard to the rules of administration contained in this Part, and shall provide for any pecuniary legacies bequeathed by the will (if any) of the deceased.

(5) Pending the distribution of the whole or any part of the estate of the deceased, the personal representatives may invest any money in their hands in any investments for the time being authorised by any enactment for the investment of trust money, with power, at the discretion of the personal representatives, to change the investments for others of a like nature.

(6) The income (including net rents and profits of immovable property after payment of rates, taxes, rents, costs of insurance, repairs and other outgoing properly attributable to income) of so much of the deceased as may not be disposed of by his will, if any, or may not be required for the administration purposes under subsection (1) of this section, may, however the estate is invested, as from the death of the deceased, be treated and applied as income.

(7) Nothing in this section affects the rights of any creditor of the deceased.

(8) Where the deceased leaves a will, this section shall have effect subject to the provisions contained in the will. [As Substituted by Administration of Estates (Amendment) Law, 1985 (PNDCL 113) s. 6].