[ Text of section effective until March 31, 2012. Repealed by 2008, 521, Sec. 14. See 2008, 521, Sec. 44 as amended by 2010, 409, Sec. 23 and 2011, 224.]
Section 5A. Except as restricted or otherwise provided for by the will or by order of the probate court, and in addition to other powers conferred by law, executors and administrators shall have the following powers:
(1) power to sell any personal property of the estate, or any interest therein, for cash, credit or for part cash and part credit, and with or without security for unpaid balances.
(2) power to invest in prudent investments.
(3) power to distribute assets of the estate in kind or partly in cash and partly in kind and pro rata or not pro rata at then current values as between beneficiaries.
(4) power to effect a fair and reasonable compromise with any debtor, creditor, obligor or obligee.
Nothing in this act shall prevent an executor or administrator from obtaining specific authority from the probate court to exercise the powers herein set forth.