Rule Text
The executor or administrator may transfer by a giving in payment any succession property in satisfaction of secured or unsecured debts. The property may be taken in indivision by the secured or unsecured creditors, or both.
Amendment history: Acts 1988, No. 564, §1; Acts 1997, No. 1421, §7, eff. July 1, 1999; Acts 2003, No. 545, §1.
Plain-English Summary (for reference only — not a substitute for the rule text above)
This summary is not the rule. The rule text controls.
When someone in charge of settling an estate (called an executor or administrator) needs to pay off debts, they can hand over property from the estate instead of paying cash. This is called "giving in payment." It works like trading property to settle what's owed, whether the debt is backed by collateral or not.
If more than one creditor is owed money, they can all share ownership of the same property together. This means the estate doesn't have to sell property and split up the cash. Instead, creditors can jointly own a piece of property as a way of getting paid back.