Georgia CommonsTitle 53. WILLS, TRUSTS, AND ADMINISTRATION OF ESTATES · Chapter 7. ADMINISTRATION OF ESTATES GENERALLY · Article 4. CLAIMS AGAINST OR IN FAVOR OF ESTATE
53-7-44. Satisfaction of debts.
Current through: Including Acts of the 2025 Regular Session of the General Assembly.
Except as otherwise provided by the will, any debt not due by its terms at the time for payment of debts of equal priority shall be satisfied and the estate shall be discharged with respect to such debt in such manner as the personal representative deems to be in the best interest of the estate in accordance with the following rules:
- (1)
The debt may be prepaid in accordance with the terms of any right to prepay;#
- (2)
By agreement with the creditor, the debt may be satisfied before it is due by the payment of an amount representing the agreed present value of the debt;#
- (3)
By agreement with the creditor, the debt may be assumed by one or more heirs or beneficiaries or by any other person; and#
- (4)
By agreement with the creditor, or by order of the probate court after notice to the creditor and a hearing, arrangement for future payment may be made by creating a trust, giving a deed to secure debt or security interest, obtaining a bond or other security from one or more heirs or beneficiaries, or otherwise.#
History
Code 1981, § 53-7-44, enacted by Ga. L. 1996, p. 504, § 10.
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Current through: Including Acts of the 2025 Regular Session of the General Assembly.
Text read from t52-t53-(v40)-2021-pdf.pdf, Volume V40, 2021 edition, page 623; merge action: carried; file SHA-256 062775612dfc.
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