Oklahoma § 58-961 - Power to lease or extend lease - Term - Petition - Persons

§ 58-961. Power to lease or extend lease - Term - Petition - Persons

entitled to be heard.

When they shall deem it necessary, in order to preserve the

value of such property, or its rental value, administrators,

administrators with will annexed and executors of deceased persons,

and guardians of minors or incompetent persons may lease or extend

existing leases as to business property, or property to be improved

for business purposes, or property used for wind energy conversion,

belonging to the estate of said deceased persons, minor or

incompetent person, for a term of not more than fifteen (15) years,

with the approval of the district court administering said estate of

such deceased person, or minor or incompetent person. In order to

obtain said approval said administrator, administrator with will

annexed, executor or guardian shall file in said district court a

petition setting out the general nature of the property desired to

be leased, or upon which the lease is desired to be extended, and

Oklahoma Statutes - Title 58. Probate Procedure

the facts relative to the necessity of such lease for the

preservation of the value of said property, or its rental value.

The heirs, devisees and legatees of said deceased person and the

next of kin of said minor or incompetent person are designated as

persons interested in the estate and are entitled to be heard with

respect to such proposed leasing. Provided, if the will of such

deceased person shall authorize the executor or administrator with

will annexed to sell the property of said decedent such authority

shall be considered to include and extend the power to lease said

property and further compliance with this act shall not be

necessary.

Added by Laws 1953, p. 251, § 1, emerg. eff. June 4, 1953. Amended

by Laws 2010, c. 53, § 2, eff. Nov. 1, 2010.