§58-385d. Order to borrow money and mortgage realty - Execution of
242 words·~1 min read·
/ok/title-58-probate-procedure/58-385dA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
notes and mortgage - Additional bond.
Upon such hearing, if the court is satisfied that it is for the best interest of the estate and to the owners of such real estate he may make an order authorizing the administrator or executor to borrow money, make, execute and deliver a note or notes therefor and to make, execute and deliver a real estate mortgage securing the same, in such amount, at such rate of interest and upon such terms and conditions as the court may prescribe and may, if he deems it advisable require an additional bond as in the case of the sale of real estate.
After the order of the court authorizing the same is made, the administrator or executor may make and execute the note or notes and mortgage and shall then present the same to the district court who shall examine the same, and if they appear to be in conformity to law and the order of the court, the judge of the district court shall endorse his approval on the face of the mortgage. Thereafter the administrator or executor may proceed to close the loan by receiving the funds so borrowed and by delivering the note or notes and mortgage.
All such notes and mortgages shall be valid and binding obligations against the estate and against the real estate so mortgaged in accordance with the terms and conditions of such mortgage. Laws 1937, p. 3, § 4.