Page:United States Statutes at Large Volume 47 Part 1.djvu/1075

 72d C ONGRESS. SESS. II. CH. 127 . FEBRUAR Y 27, 1933 . 1051 public place, or at the residence of the decedent ; but no sale shall be made of any pers onal pro perty wh ich is n ot presen t at the time of sale, unless the court shall otherwise order. SEC. 825. EXECUTOR AND GUARDIAN MAY BORROW ON CHATTEL MORT- Authority to borrow GAGE .-Whenever in any estate now being administered or that may on chattel mortgage. hereafter be administered or in any guardianship proceeding now pending or that may hereafter be pending it shall appear to the district court or judge to be for the advantage of the estate to borrow and raise money up on a not e or notes, to be se cu red by chattel mortgage or other lien upon the personal property of any dece den t or of a m inor or an inco mpe tent per son, .or any part thereof, for the purpose of paying the debts of such decedent or such minor or incompetent person, the court or judge as often as occasion therefor shall arise in the administration of any estate or in the course of any guardianship may authorize, empower, and direct the executors or a dmin istrators or guardian of such minor or incom- petent person to mortgage su ch personal property, or any part thereof, or to give other security by way of pledge or other lien upon such personal property, or any part thereof, and to execute a note or notes, to be secured by such mortgage , pledge , or lie n Provided, That in order to obtain such authorization, the proceed- P ~;,~ to be rol- ings to be tak en and the effec t thereof shall be as follows : lowed. First. VERIFIED PETITION .-The executor or administrator of any Verified petition to estat e, or guard ian o f any minor or i ncomp etent perso n, or any be sled. person interes ted in the estat es of such deced ents, minors, or incom- petent persons, may file a verified petition showing 1. The particular purpose or purposes for which it is proposed to Purpos e. make the note or notes and the chattel mortgage Or other lien, which shall be either to maintain the ward and his family or to maintain and educate the ward when a minor, or to pay the debts, legacies, o r charges of adm inistration, or to pay, reduce, extend, or renew some lien or mortgage already subsisting on said property or some part thereof. Sta tem ent or recta 2. A statement of th e facts and circ umstances showin g the insuffi- and circumstances ' cien cy of th e income of the estate u nder guar dianship to main tain the ward and his family or to maintain and educate the ward when a mi nor and the debt s, legac ies, cha rges of a dministr ation, l iens or mortgages to be paid, reduced, extended, or renewed, as the case may be. Advantages to so. 3 . The advantage that may accrue to the estate from raising the true. required money by note or notes and mortgage or other lien, or providing for the payment, reduction, extension, or renewal of the subsisting liens or mortgages, as the case may be. Amount to be raised 4 . The amount to be raised, with a general description of t he and description of property proposed to be mortgaged ; and, property. Names of legatees, 5 . The names of the legatees and the devisees, if any, and of the et c. heirs of the deceased, or of the minor, or of the incompetent per- son, as the case may be, so far as known to the petitioner. Order to issue from Second. Upon filing such petition, an order shall be made by the court. cou rt or ju dge, req uiring a ll perso ns inter ested in the est ate to appear before the court or judge, at a time and place specified, not les s than f our nor more tha n ten we eks ther eafter, then and there to show cause why the property (briefly indicating it), or some part thereof, should not be hypothecated for the amount mentioned in the petition (stating such amount), or such lesser amount as to the court or judge shall seem meet, and referring to the petition on fil e for fur ther parti cula rs. i