MARVIN MANDEL, Governor                            51

Part 2—Inventory and Appraisal.
7-201. Generally.

(a) Subject to the provisions of Section 7-205, a personal rep-
resentative shall, within three months after his appointment, pre-
pare an inventory of property owned by the decedent at the time of
his death, listing each item in reasonably descriptive detail, and
indicating its fair market value as of the date of the decedent's
death, and the type and amount of any encumbrance that may exist
with reference to any such item. Such inventory shall include:

(1)    Real property;

(2)    Tangible personal property, excluding (i) wearing apparel,
other than furs and jewelry and (ii) laid up provisions for consump-
tion by the family;

(3)    Corporate stocks;

(4) Debts owed to the decedent, including bonds and notes;

(5)    Bank accounts, building, savings and loan association shares
and money;

(6)    Debts owed to the decedent by the personal representative;
and

(7)    Any other interest in property, tangible or intangible, owned
by the decedent which passes by testate or intestate succession.

(b) The personal representative shall file in the proceeding (1)
the inventory or (2), if he is permitted to act under Section 7 402, a

certificate that a copy of the inventory has been mailed to all inter-

ested persons. THE INVENTORY, TOGETHER WITH A CER-
TIFICATE THAT HE HAS MAILED OR DELIVERED, WITH-
IN THE 15 DAYS NEXT PRECEDING SUCH FILING, A NO-
TICE OF SUCH FILING TO ALL INTERESTED PERSONS.

7-202. Appraisers.

The value of each item listed in the inventory shall be fairly
appraised as of the date of death and stated in the inventory. As to
corporate stocks listed on any national or regional exchange and as
to items in categories (4) and (5) of subsection (a) of Section 7-201,
the appraisal may be made by the personal representative. As to
items in the other categories, the personal representative shall secure
an independent appraisal. The personal representative may select
either of the following methods of independent appraisal:

(a)    Officially appointed appraisers. The personal representa-
tive, may apply for appraisal by appraisers designated by the Reg-
ister under Section 2-301 (a) or Section 2-302; or

(b)    Special appraisers. The personal representative may em-
ploy a qualified and disinterested appraiser to assist him in ascer-
taining the fair market value as of the date of the decedent's death
of any asset the value of which may be fairly debatable. Different
persons may be employed to appraise different kinds of assets in-
cluded in the estate. The names and addresses of any appraiser shall
be indicated on the inventory with the item or items he appraised.