Page:United States Statutes at Large Volume 76A.djvu/711

–615– -615CHAPTER 73—NOTES, MORTGAGES, CONVEYANCES AND TRANSFERS SUBCHAPTER I—BOEBOWING MONEY AND MORTGAGING PERSONAL PROPERTY

Sec. 1741. 1742. 1743. 1744. 1745. 3746.

Authorization to borrow money or mortgage personal property. Petition; setting for hearing; notice. Hearing; witnesses; order. Execution of notes and instruments or security. Effectiveness of obligations created under this subchapter. Effect of iregularities. SUBCHAPTER II

1771. 1772. 1773. 1774. 1775. 1776. 1777. 1778. 1779.

CONVEYANCES AND TRANSFERS TO COMPLETE CONTRACTS

Authorization to complete contracts for sale or transfer. Filing petition; setting time and place of hearing; notice. Hearing; objections; order; compliance. Rights of petitioner after dismissal. Effect of conveyance or transfer. Effect of recording copy of order. Enforcement of order by other process. Death of party entitled to conveyance or transfer. Surrender of possession.

Subchapter I—Borrowing Money and Mortgaging Personal Property § 1741. Authorization to borrow money or mortgage personal property When it appears to be to the advantage of an estate under administration to borrow money upon a note or notes, either unsecured, or to be secured by a chattel mortgage or other lien upon the personal property of the decedent, or any part thereof, in order to pay the debts of the decedent, legacies, or expenses or charges of administration, or to pay, reduce, extend or renew a mortgage or lien already subsisting upon such personal property of the estate or a part thereof, and as often as occasion therefor arises in the administration of the estate, the court may, by order, authorize and direct the executor or administrator to borrow the money and to execute the note or notes, and, in the proper case, to execute the chattel mortgage or to give other security by way of pledge or other lien on the personal property. To obtain an order under this section, the proceedings to be taken and the effect thereof are as provided in this subchapter. § 1742. Petition; setting for hearing; notice A verified petition for an order pursuant to section 1741 of this title may be filed with the clerk of the court by the executor or administrator, or a person interested in the estate, showing: (1) the particular purpose for which the order is sought; (2) the necessity for, or the advantage to accrue from, the order; (3) the amount of money proposed to be raised; (4) the rate of interest, if any, to be paid; (5) the length of time the note or notes are to run; and (6) a general description' of the property proposed to be mortgaged or subjected to other lien. The clerk shall set the petition for hearing by the court and give notice thereof, including the posting of the notice, for the period and in the manner provided by section 1583 of this title. § 1743. Hearing; witnesses; order (a) At the time appointed by section 1742 of this title, the court, upon proof that notice of the hearing has been given, shall proceed to hear the petition and any objections thereto that may have been filed or presented. The court may compel the attendance of, and

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