(a) Property of the Estate. A personal representative shall be liable for and chargeable in his or her accounts with all of the estate of the decedent which, at any time, comes into his or her possession, including income therefrom. However, he or she shall not be:
(1) Accountable for any debts due the decedent or other assets of the estate which, without his or her fault, remain uncollected;
(2) Entitled to any profit by the increase of the estate or value thereof; and
(3) Chargeable for any loss of, damage to, or decrease in value of the estate which occurs without his or her fault.
(b) Property Not a Part of Estate. A personal representative shall be chargeable in his or her accounts with property not a part of the estate which comes into his or her hands at any time and shall be liable to the persons entitled to that property, if:
(1) The property was received under a duty imposed on him or her by law in the capacity of personal representative; or
(2) He or she has commingled the property with the assets of the estate.
(c) Breach of Duty. A personal representative shall be liable and chargeable in his or her accounts for loss resulting from:
(1) Neglect or unreasonable delay in collecting the assets of the estate;
(2) Neglect or unreasonable delay in any sale, mortgage, or lease of the property of the estate which has been ordered by the court;
(3) Neglect or unreasonable delay in paying over money or delivering property of the estate which is in his or her hands;
(4) Embezzlement or commingling of the assets of the estate with other property;
(5) Self dealing;
(6) The wrongful acts or omissions of his or her corepresentative which he or she could have prevented by the exercise of ordinary care; or
(7) Any other neglect or willful act in his or her administration of the estate.
(d) When Not Personally Liable. A personal representative shall not be made liable in his or her individual capacity on account of any action brought or judgment rendered against him or her in his or her capacity as personal representative, nor shall a personal representative, as such, be made liable on account of a judgment rendered against him or her in his or her fiduciary capacity for an amount more than the assets of the estate which are applicable to the payment of the judgment.
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