The executor or administrator shall have the power, where authorized by order of the district court, to take charge of, conduct and continue any going business, enterprise or manufactory of a deceased person, when the same has not been disposed of by will, and where it is not necessary that the same be sold at once for the payment of debts; and shall have the right to borrow money and incur indebtedness in the conduct, or continuation of such business. Before such business, manufactory or enterprise shall be continued, the executor or administrator shall take into consideration the condition of the estate and the necessity that may exist for the future sale of said property for the payment of claims or legacies; and the time for conducting such enterprise, business or manufactory shall not extend the time beyond what may be considered by the court a reasonable time for the settlement of the estate of the deceased; provided, however, that before any executor or administrator shall continue such enterprise, business or manufactory, or incur any indebtedness in the conduct of such enterprise, business or manufactory, he shall first present to the district court a petition showing that it is to the best interest of the estate of the decedent that such enterprise, business or manufactory be continued, and the continuation of such business, enterprise or manufactory must first be approved by the judge of the district court having jurisdiction of the settlement of the estate of the deceased.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.