1. A guardian of the estate: (a) Shall demand all debts and other choses in action due to the protected person; and (b) With prior approval of the court, may sue for and receive all debts and other choses in action due to the protected person. 2. A guardian of the estate, with prior approval of the court by order, may compound or compromise any debt or other chose in action due to the protected person and give a release and discharge to the debtor or other obligor.
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