Indiana § 29-1-13-5 - Compromise; debtor or obligor
Full text of Indiana Indiana Code § 29-1-13-5 — Compromise; debtor or obligor, with citation guidance and answers to common questions.
§ 29-1-13-5. Compromise; debtor or obligor
Sec. 5. When it appears for the best interest of the estate, the personal representative may on order of the court effect a fair and reasonable compromise with any debtor or other obligor, or extend, renew or in any manner modify the terms of any obligation owing to the estate. If the personal representative holds a mortgage, pledge or other lien upon property of another person, he may, in lieu of foreclosure, accept a conveyance or transfer of such encumbered assets from the owner thereof in satisfaction of the indebtedness secured by such lien, if it appears for the best interest of the estate and if the court shall so order. In the absence of prior authorization or subsequent approval of the court, no compromise shall bind the estate.
Formerly: Acts 1953, c.112, s.1305.
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 29-1-13-5
What does Indiana Code § 29-1-13-5 cover?
Section 29-1-13-5 ("Compromise; debtor or obligor") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 29-1-13-5?
A common citation format is "Indiana Code § 29-1-13-5" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 29-1-13-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.