Except as otherwise provided by the will, any debt not due by its terms at the time
for payment of debts of equal priority shall be satisfied and the estate shall be
discharged with respect to such debt in such manner as the personal representative
deems to be in the best interest of the estate in accordance with the following rules:
(1) The debt may be prepaid in accordance with the terms of any right to prepay;
(2) By agreement with the creditor, the debt may be satisfied before it is due by
the payment of an amount representing the agreed present value of the debt;
(3) By agreement with the creditor, the debt may be assumed by one or more heirs or
beneficiaries or by any other person; and
(4) By agreement with the creditor, or by order of the probate court after notice
to the creditor and a hearing, arrangement for future payment may be made by creating
a trust, giving a deed to secure debt or security interest, obtaining a bond or other
security from one or more heirs or beneficiaries, or otherwise.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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