Tennessee § 30-2-322 - Continuance of decedent's business.

§ 30-2-322. Continuance of decedent's business.

The probate court of the county of the decedent's residence at the time of decease, when not contrary to the decedent's will, if any, may authorize the personal representative to continue the business of the decedent upon such conditions as it may impose, for an original period not exceeding nine (9) months from the date of the executor's or administrator's appointment. This authority may be granted upon such notice as the court considers reasonable, or without prior notice, either at the time of the qualification of the personal representative, if the petition for appointment contains a prayer therefor, or thereafter during the period of administration. If, prior to the granting of this authority, notice has not been given to all parties in interest, it shall be given within five (5) days thereafter, or within such extended time as the court, for cause shown shall allow, in a manner and for a period considered reasonable by the court. The court, for cause shown, and upon such notice as it considers reasonable, may extend this authority beyond nine (9) months. Any party in interest may, at any time, petition the court to revoke or modify an order granting authority to the personal representative to continue a decedent's business. Acts 1955, ch. 138, §§ 1, 2; T.C.A., §§ 30-526, 30-527. Textbooks. Pritchard on Wills and Administration of Estates (4th ed., Phillips and Robinson), §§ 683, 718, 1016. Law Reviews. Non-Tax Aspects of Estate Planning (Ronald Lee Gilman), 2 Mem. St. U.L. Rev. 41 (1972). Wills and Fiduciary Powers (Robert L. McMurray), 31 Tenn. L. Rev. 191 (1964). Collateral References. Preference or priority of claims arising out of continuation of decedent's business by personal representative. 83 A.L.R.2d 1406.