Page:United States Statutes at Large Volume 47 Part 1.djvu/1077

 72d C ONGRESS. SESS. II. CH. 127 . FEBRUARY 27, 1933 . 1 053 And provided also, That in cases affecting the estate of the deceased ciency at is fiedsi de persons, the part of the indebtedness remaining unsatisfied must be debt. classed and paid with other demands against the estate, as provided in secti ons 875 to 885, with res pect to mortgages and oth er liens subsisting at the time of death. SEC. 826. WHEN EXECUTOR OR ADMINISTRATOR MAY SELL REAL PROP- Sale of real property. ERTY.-When it is for the advantage, benefit, and best interests of the estate, and those interested therein, that the real estate, or some part thereof, or interest therein be sold, the executor or admin- istrator may sell the same under such terms, conditions, and in the manner p rescribe d by the court. SEC. 827. POWER OF EXECUTOR OR GUARDIAN TO BORROW MONEY 'UPON Authority to borrow UNSECURED NOTES .-Whenever in any estate now being administered on unsecured notes. or that may hereafter be administered, or in any guardianship pro- ceeding now pending, or that may hereafter be pending, it shall appear to the court or judge having jurisdiction of said estate, or said minor or incompetent person, to be for the advantage, benefit, or best interest of the estate of said minor or incompetent person, to borrow money upon a note or notes, without being secured, the court or judge, as often as occasion therefor shall arise in the admin- istration of any estate, or in the course of any guardianship, may upon pe tition a nd notic e of hea ring, as provide d in thi s sectio n, authorize, empower, and direct the executor or administrator or guardian of such minor or incompetent person, to execute a note or notes, without security. The proceeding to be taken to obtain an order to borrow said money Pro ced ure. and execute said note or notes shall be as follows First. The executor, or administrator of any estate, or guardian of verified petition. any minor or incompetent person must file a verified petition showing, (a) The particu lar purp ose or p urposes for whic h it is proposed Purpose . to borrow said money, and the purpose or purposes for which it is to be used. (b) The advantage or advantages that may accrue to said estate Advantage s to so. from borrowing said money and executing said note or notes. (c) The amount of money to be borrowed, the rate of interest to eto mount. interest, be paid, and the length of time said not e or notes are to run. Second. Upon filing such petition, the clerk of the court shall fix Hearing. a day for hearing the same by the court. Third. The petitioner shall cause notice of the hearing to be Notice. mailed, p ostage prepaid, to the heirs at law of said dece dent, and to the devisees and legatees resident in the Canal Zone, and to the near- est relatives of said minor or incompetent person, resident in the Canal Zone, at least ten days before the hearing, addressed to them at their respective post-office addresses, if known. Otherwise, at the place where the proceedings are pending. Fourth. At the time and place appointed for said hearing, or at. Procedur e on hear. such other time and place to which the hearing may be postponed me. by the court, the court must proceed to hear the petition, and any objections that may be filed or presented thereto, and, if, after a full hearing, the court is satisfied that it will be for the advantage, benefit, or best interest of the estate of said decedent, or of said minor or incompetent persons to borrow said money, and execute said note or notes, wi thout security, an order must b e made, authorizi ng, empower- ing, and directing the executor, or administrator, or the guardian of such minor or incompetent person to borrow said money, and to make and execute said note or notes, without security, specifying in said order the amount that may be borrowed, the rate of interest that is to be paid, and the length of time that said note or notes are to run.