Right to possession and management of estate—Prohibition on acquiring estate assets or proceeds

(1) Every personal representative shall, after having qualified or been appointed, by giving bond as hereinbefore provided, have a right to the immediate possession of all the real as well as personal estate of the deceased, and may receive the rents and profits of the real estate until the estate shall be settled or delivered over, by order of the court, to the heirs or devisees, and shall keep in tenantable repair all houses, buildings and fixtures thereon, which are under his or her control. (2) Unless approved by the court, a personal representative appointed under RCW 11.28.120(3) may not: (a) Purchase or acquire for his or her own account or personal interest any estate asset; or (b) receive for his or her own account or personal interest any proceeds from the sale of an estate asset. Such personal representative requesting approval to purchase or acquire such asset or receive such proceeds shall petition the court and provide 14 days' notice of the hearing to the heirs, legatees, devisees, beneficiaries, and transferees of the estate. The petition shall be denied unless the personal representative establishes clearly and convincingly that the requested purchase, acquisition, or receipt is consistent with the personal representative's duty of loyalty and all applicable laws, and would not be voidable by any heir, legatee, devisee, beneficiary, or transferee of the estate. Such personal representative who violates or attempts to violate (a) or (b) of this subsection may be sanctioned by the court up to three times the value of the relevant asset or proceeds, in addition to any other sanction or remedy.