Marvin Mandel, Governor                        1731

(b) Extensions.—Upon written application of the personal rep-
resentative stating [substantial] reasons for the request, the court
may extend the time for rendering an account to a specified date, for
good cause shown.

7-401.

A personal representative, in the performance of his duties pur-
suant to Section 7-101, may exercise any power or authority con-
ferred upon him by statute or in the will, without application to,
the approval of, or ratification by the court. Except as otherwise
validly limited by the will or by an order of court a personal rep-
resentative may, in addition to any power or authority contained in
the will and to any other common law or statutory power, properly:

(a)    Retain assets owned by the decedent pending distribution
or liquidation, including those in which the representative is per-
sonally interested or which are otherwise improper for trust invest-
ment;

(b)    Receive assets from fiduciaries or other sources;

(c)    Perform the decedent's contracts that continue as obliga-
tions of the estate, and execute and deliver such deeds or other
documents under such circumstances as the contract may provide;

(d)    Satisfy written charitable pledges of the decedent;

(e)    Deposit funds for the account of the estate, including
moneys received from the sale of other assets, in checking accounts,
in insured interest-bearing accounts or in such short-term loan
arrangements as may be reasonable for use by trustees;

(f)    Vote stocks or other securities in person or by general or
limited proxy;

(g)    Hold a security in the name of a nominee or in other form
without disclosure of the interest of the estate; but, in such case,
the personal representative shall be liable for any wrongful act of
the nominee in connection with the security so held;

(h) Insure the property of the estate against damage, loss and
liability, and himself, as personal representative, against liability
in respect to third persons;

(i) Effect a fair and reasonable compromise with any creditor
or obligee, or extend or renew any obligation due by the estate;

(j) Pay taxes, assessments and other expenses incident to the
administration of the estate;

(k) Sell or exercise stock subscription, conversion or option
rights; consent to or oppose, directly or through a committee or
other agent, the reorganization, consolidation, merger, dissolution
or liquidation of a corporation or other business enterprise;

(1) Pay the decedent's funeral expenses in accordance with the
procedures provided in Section 8-106, including the cost of burial
space and a suitable tombstone or marker, and the cost of perpetual
care thereof;