When it appears to be for the best interests of the trust, a fiduciary other than an executor or administrator may, with the approval of the probate court, borrow money and mortgage real estate belonging to the trust, whether such real estate was acquired by purchase or by descent and distribution.
The fiduciary proposing so to borrow money must file in the probate court which appointed him a petition describing all of the real estate in the trust and stating the nature and amount of the encumbrances thereon, the date such encumbrances became or will become due, and the rate of interest thereon. The petition shall also contain a statement of the personal property in the trust, the income from such personal property, and the income from the real estate in such trust. Such petition if filed by a guardian shall state the names, ages, and residences of the ward and next of kin known to be resident in the state, including the spouse of such ward and persons holding liens on such real estate, all of whom must be made defendants and be notified of the pendency and prayer of the petition in such manner as the court directs. In addition such petition shall contain a statement of the nature of the imbecility or insanity, if any, of such ward, whether temporary or confirmed and its duration. Except as provided in this section, the defendants and notice thereto shall be the same as though the real estate proposed to be mortgaged were being sold by the fiduciary. The petition shall set forth the purpose of the loan, the amount required therefor, and such other facts as may be pertinent to the question whether such money should be borrowed and shall contain a prayer that the fiduciary be authorized to mortgage so much of the ward’s lands as may be necessary to secure such loan.
Upon the filing of such petition, the proceedings as to pleadings and proof shall be the same as on petition to sell real estate belonging to the trust.
When it appears to be for the best interests of the trust, a fiduciary other than an executor or administrator may, with the approval of the probate court, borrow money and mortgage real estate belonging to the trust, whether such real estate was acquired by purchase or by descent and distribution.
The fiduciary proposing so to borrow money must file in the probate court which appointed him a petition describing all of the real estate in the trust and stating the nature and amount of the encumbrances thereon, the date such encumbrances became or will become due, and the rate of interest thereon. The petition shall also contain a statement of the personal property in the trust, the income from such personal property, and the income from the real estate in such trust. Such petition if filed by a guardian shall state the names, ages, and residences of the ward and next of kin known to be resident in the state, including the spouse of such ward and persons holding liens on such real estate, all of whom must be made defendants and be notified of the pendency and prayer of the petition in such manner as the court directs. In addition such petition shall contain a statement of the nature of the imbecility or insanity, if any, of such ward, whether temporary or confirmed and its duration. Except as provided in this section, the defendants and notice thereto shall be the same as though the real estate proposed to be mortgaged were being sold by the fiduciary. The petition shall set forth the purpose of the loan, the amount required therefor, and such other facts as may be pertinent to the question whether such money should be borrowed and shall contain a prayer that the fiduciary be authorized to mortgage so much of the ward’s lands as may be necessary to secure such loan.
Upon the filing of such petition, the proceedings as to pleadings and proof shall be the same as on petition to sell real estate belonging to the trust.
When it appears to be for the best interests of the trust, a fiduciary other than an executor or administrator may, with the approval of the probate court, borrow money and mortgage real estate belonging to the trust, whether such real estate was acquired by purchase or by descent and distribution.
The fiduciary proposing so to borrow money must file in the probate court which appointed him a petition describing all of the real estate in the trust and stating the nature and amount of the encumbrances thereon, the date such encumbrances became or will become due, and the rate of interest thereon. The petition shall also contain a statement of the personal property in the trust, the income from such personal property, and the income from the real estate in such trust. Such petition if filed by a guardian shall state the names, ages, and residences of the ward and next of kin known to be resident in the state, including the spouse of such ward and persons holding liens on such real estate, all of whom must be made defendants and be notified of the pendency and prayer of the petition in such manner as the court directs. In addition such petition shall contain a statement of the nature of the imbecility or insanity, if any, of such ward, whether temporary or confirmed and its duration. Except as provided in this section, the defendants and notice thereto shall be the same as though the real estate proposed to be mortgaged were being sold by the fiduciary. The petition shall set forth the purpose of the loan, the amount required therefor, and such other facts as may be pertinent to the question whether such money should be borrowed and shall contain a prayer that the fiduciary be authorized to mortgage so much of the ward’s lands as may be necessary to secure such loan.
Upon the filing of such petition, the proceedings as to pleadings and proof shall be the same as on petition to sell real estate belonging to the trust.
