Page:United States Statutes at Large Volume 76A.djvu/695

–599– -599that by law is void as against creditors, or made a gift of property in view of death, and there is a deficiency of assets in the hands of the executor or administrator, the latter, on application of a creditor, shall commence and prosecute to final judgment an action for the recovery of the property for the benefit of the creditors. § 1420. Same; costs; sale of property recovered; proceeds A creditor making application pursuant to section 1419 of this title shall pay such part of the costs and expenses of the action, or give such security to the executor or administrator therefor, as the court directs. Property so recovered shall be sold for the payment of debts, in the same manner as if the decedent had died seised or possessed thereof, upon obtaining an order therefor from the court; and the proceeds shall be appropriated in payment of the debts of the decedent in the same manner as other property in the hands of the executor or administrator. The remainder of the proceeds, after the debts of the decedent have been paid, shall be paid to the person from whom the property was recovered. § 1421. Custody and management of property; recovery of possession; joinder in possessory or title actions The executor or administrator is entitled to the possession of all real and personal property of the decedent, and to receive the rents and profits of the real property until the estate is settled or until delivered over by the order of the court to the heirs or devisees; and shall keep in good tenantable repair all houses, buildings, and fixtures thereon which are under his control. After the time to present claims has expired, he is not entitled to recover the possession of any property of the estate from an heir who has succeeded to the property in his possession, or from a devisee or legatee to whom the property has been devised or bequeathed, or from an assignee thereof, unless he proves that the recovery is necessary for the payment of debts or legacies, or of expenses of administration already accrued, or for distribution to another heir, devisee or legatee entitled thereto. The heirs or devisees may themselves, or jointly with the executor or administrator, maintain an action for the possession of the real property, or for the purpose of quieting title thereto, against anyone except the executor or administrator; but they are not required to do so. § 1422. Delivery of real property to heirs or devisees When the time to present claims has expired, the executor or administrator shall deliver possession of the real property to the heirs or devisees, unless the court determines that the receipt of the income from the property for a longer period is necessary, or that the sale of the property probably will be necessary, for the payment of the debts of the decedent. § 1423. Purchase of claims against estate An administrator or executor may not purchase a claim against the estate he represents; and if he pays a claim for less than its nominal value he is only entitled to charge in his account the amount he actually paid. § 1424. Deposit of funds The court may order an executor or administrator to deposit funds of an estate coming into his hands, in a bank or banks or other depositary, to be designated by the court, in his name with the designation of his fiduciary capacity. The court may direct him to deposit any or all the funds in an interest-bearing account. This section does not relieve an executor or administrator from any duty otherwise imposed by law.

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