Probate Code - PROB
DIVISION 7. ADMINISTRATION OF ESTATES OF DECEDENTS [7000 - 12591]
( Division 7 enacted by Stats. 1990, Ch. 79. ) PART 5. ESTATE MANAGEMENT [9600 - 10382]
( Part 5 enacted by Stats. 1990, Ch. 79. ) CHAPTER 18. Sales [10000 - 10382]
( Chapter 18 enacted by Stats. 1990, Ch. 79. ) ARTICLE 6. Sale of Real Property [10300 - 10316]
( Article 6 enacted by Stats. 1990, Ch. 79. ) 10315.
(a) If a sale is made on credit, the personal representative shall take the note of the purchaser for the unpaid portion of the purchase money, with a mortgage or deed of trust on the property to secure payment of the note. The mortgage or deed of trust shall be subject only to encumbrances existing at the date of sale and such other encumbrances as the court may approve.
(b) Where property sold by the personal representative for part cash and part deferred payments consists of an undivided interest in real property or any other interest therein less than the entire ownership and the owner or owners of the remaining interests therein join in the sale, the note and deed of trust or mortgage may be made to the personal representative and such others having an interest in the property. The interest of the personal representative in the note and deed of trust or mortgage shall be in the same interest and in the same proportions as the estate’s interest in the property prior to the sale.
(Enacted by Stats. 1990, Ch. 79.)