(a)
Unless this chapter or some other applicable statute requires court authorization or approval, if it is to the advantage of the estate, the personal representative may do any of the following without court authorization, instruction, approval, or confirmation:
(1)
Compromise or settle a claim, action, or proceeding by or for the benefit of, or against, the decedent, the personal representative, or the estate, including the giving of a covenant not to sue.
(2)
Extend, renew, or in any manner modify the terms of an obligation owing to or in favor of the decedent or the estate.
(3)
Release, in whole or in part, any claim belonging to the estate to the extent that the claim is uncollectible.
(b)
Nothing in this section precludes the personal representative from seeking court authorization pursuant to the provisions of this chapter.
(c)
Upon petition of an interested person or upon the court’s own motion, the court may limit the authority of the personal representative under subdivision (a). Notice of the hearing on the petition shall be given as provided in Section 1220.