Sales in General: Manner of Sale and Minimum Price of

Property Sold as a Unit; Manner of Sale of Leasehold Interests.

(a)When the personal representative determines, in his discretion, that by use or relationship any assets of the estate, whether real or personal, constitute a unit for purposes of sale, the personal representative may in his discretion cause such property to be appraised, or its fair market value estimated (in either event pursuant to the applicable provisions of Chapter 26 of this Title) as a unit. Whether or not such property is appraised, or its fair market value estimated, as a unit, the personal representative may sell all of such property as a unit and under one bid, subject to the provisions of subsections

(b)and

(c)of this Section. COL120106 CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY

(b)Property of an estate shall be sold as a unit and under one bid only if the Superior Court finds such a sale to be for the best interest of the estate; and no private sale of such property as a unit shall be made for less than ninety percent (90%) of the sum of the estimated fair market values of the personal property so sold plus the sum of the appraised values of the real property so sold, appraised or estimated separately, or for less than ninety percent (90%) of the appraised or estimated values of all the property so sold if appraised or estimated as a unit.

(c)If the property of an estate to be sold as a unit includes any real property, any such sale shall be made in the manner provided in this Chapter for the sale of real property of an estate, the bid and sale to be subject to the limitations and restrictions provided in this Chapter for the sale of real property of an estate; otherwise it shall be sold in the manner provided in this Chapter for the sale of personal property.

(d)When the property of an estate to be sold consists of a leasehold interest in real property with an unexpired term of ten

(10)years or longer, or consists of any leasehold interest in real property together with an option to purchase the leased premises or some part thereof, the sale shall be made in the manner provided in this Chapter for the sale of real property of an estate, the bid and sale to be subject to the limitations and restrictions provided in this Chapter for the sale of real property of an estate; otherwise the leasehold interest shall be sold as personal property.