Effective 28 Aug 1955

473.263. Possession of assets. — 1. Every executor or administrator has a right to and shall take possession of all the personal property of the decedent except exempt property of the surviving spouse and unmarried minor children, and administer it in accordance with this law.

2. The court, on its own motion or on the motion of any interested person, may order the executor or administrator to take possession of the real estate of the decedent when necessary for the payment of claims or for the preservation thereof. When ordered to take possession of real estate, the executor or administrator shall pay the taxes and collect the rents and earnings thereon until the estate is settled or until delivered by order of the court to the distributees. He may rent the real property of the estate for a period not exceeding one year. He shall keep in tenantable repair the buildings and fixtures under his control and may protect the same by insurance. He may maintain an action for the possession of the real property or to determine the title to the same.

­­--------

(L. 1955 p. 385 § 106)

CROSS REFERENCES:

Exempt property and allowances to surviving spouse and children, 474.250 to 474.280

Uniform act for simplification of fiduciary security transfers, Chap. 403

(1962) Administrator was properly refused credit for expenses of operation of deceased's farm where he had not sought or obtained an order from the probate court authorizing him to do so. In re Alexander's Estate (Mo.), 360 S.W.2d 92.