An improvident sale refers to a sale of property, typically by a trustee, executor, or other fiduciary, that is conducted under terms that are unfair, unreasonable or result in a significant loss to the party whose interests are being represented. The term is often used in the context of judicial sales or sales conducted by a fiduciary where the sale price is significantly lower than the fair market value, or where the sale is rushed or handled carelessly, leading to a loss that could have been avoided.
Improvident sales can be challenged in court, and the sale may be set aside or reversed if it is determined that the sale was not conducted in a manner that properly protected the interests of the parties involved. The concept underscores the duty of fiduciaries to act prudently and in the best interest of those they represent, ensuring that property is sold under fair and reasonable conditions.
