On the date fixed in the notice in the last preceding section, if a proposed lease, or leases, shall have been presented to the administrator, administrator with will annexed, executor, or guardian which shall meet with the approval of said administrator, administrator with will annexed, executor or guardian he shall present the same to the district court administering the estate of said decedent or minor or incompetent person, and on said date the district court shall review the said proposed lease or leases which shall have been approved by said administrator, administrator with will annexed, executor or guardian, and any objections interposed thereto, and shall ascertain whether it shall be to the best interest of the estate of said deceased person, minor or incompetent to enter into said proposed lease, or any of said proposed leases, and, if it shall be to the best interest of the estate of said deceased person, minor or incompetent person shall approve that one which shall in the opinion of said district court be most advantageous to the estate of said deceased person, or minor or incompetent person. The court shall direct the administrator, administrator with will annexed, executor or guardian to execute the lease upon there being furnished to him a bond, conditioned for faithful performance of said lease by the lessee, in a sum equal to one-fifth (1/5) of the total rental to be paid under said lease, or the rental for two (2) years, or the value of the improvements agreed to be placed upon said leased property by the lessee, whichever is the greater. In case said lease shall not have a definite sum upon which to base such percentage the district court shall estimate the amount of the prospective rental for the lease period and fix the bond accordingly.
Laws 1953, p. 252, § 3.