The chancery court or the chancellor in vacation shall have the power to authorize the executor or administrator of a decedent, when not contrary to the provisions of a will, to continue as a going concern for a period of not exceeding three (3) years after the grant of letters, the business in which the decedent was engaged at the time of his death and, where such business is a mercantile or other business of like nature, to allow the purchase of goods in small quantities necessary to replenish the stock and promote the sale thereof, and to permit the sale of the stock of goods at retail in the regular course of business. Said stock of goods, however, shall not be sold at less than cost thereof, except by a previous order of the court or chancellor.
Miss. Code Ann. § 91-7-173
Executor or administrator may continue business for limited time
Applied in 1 court decision — leading case 491 So. 2d 189 - Harper v. Harper (1986)
Most recently applied in 491 So. 2d 189 - Harper v. Harper (June 1986)
Codes, 1930, § 1682; 1942, § 579; Laws, 1926, ch. 142; Laws, 1964, ch. 298; Laws, 1966, ch. 323, § 1, eff from and after passage (approved February 8, 1966
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.