(a) Unless otherwise provided in the contract, a personal representative is not individually liable on a contract properly entered into in his fiduciary capacity in the course of administration of the estate unless he fails to reveal his representative capacity and identify the estate or trust in the contract.

(b) A personal representative is individually liable for obligations arising from ownership or control of the estate or for torts committed in the course of administration of the estate only if he failed to exercise reasonable care, diligence and prudence.

(c) Claims based on contracts entered into by a personal representative in his fiduciary capacity, on obligations arising from ownership or control of the estate or on torts committed in the course of estate administration may be asserted against the estate by proceeding against the personal representative in his fiduciary capacity, whether or not the personal representative is individually liable therefor.

(d) In any case where liability is found against the estate as the result of an action or proceeding brought under subdivision (c), issues of liability as between the estate and the personal representative shall be determined in an accounting proceeding brought pursuant to section twenty-two hundred five of the surrogate's court procedure act.

(e)(1) For the purposes of this paragraph: (i) the term "act" shall mean the federal air transportation safety and system stabilization act, public law 107-42, as amended; (ii) the term "fund" shall mean the September eleventh victim compensation fund of two thousand one established pursuant to title IV of the act; and (iii) the term "personal representative" shall have the same meaning as that term has pursuant to section 104.4 of title twenty-eight of the code of federal regulations.

(2) Notwithstanding any other provision of law to the contrary, any person who serves as the personal representative of a victim of the terrorist attacks on September eleventh, two thousand one, and who files a claim with the fund, shall have no liability to any person resulting from any actions taken reasonably and in good faith under the act, including but not limited to: (i) the submission or prosecution of a claim to the fund; (ii) a decision not to submit such a claim, or to withdraw a claim previously submitted; (iii) the waiver pursuant to the act of the right to file a civil action (or to be a party to an action) in any federal or state court for damages sustained as a result of the terrorist attacks; (iv) the failure to identify or locate any person designated for receipt of notice under subdivision (b) of section 104.4 of title twenty-eight of the code of federal regulations, provided that the personal representative made a reasonable and good faith effort to identify and locate such person; or (v) the payment or distribution of any award received from the fund in accordance with any plan of distribution that has been submitted to and approved by the special master appointed under the act.

(3) Notwithstanding any other provision of law to the contrary, or any restrictions set forth in letters relating to any decedent who dies as a result of wounds or injury incurred as a result of the terrorist attacks on September eleventh, two thousand one, a duly appointed personal representative is authorized to file and prosecute a claim with the fund, and the filing of such a claim for an award from the fund, and the resulting compromise of any cause of action pursuant to the act, shall not violate any restriction on the powers granted to the personal representative relating to the prosecution or compromise of any action, the collection of any settlement, or the enforcement of any judgment.