The probate court which issued letters testamentary or of administration or guardianship may authorize an executor, administrator, or guardian to mortgage the real estate of the deceased or ward upon a petition filed, describing the particular estate to be mortgaged, the amount of money necessary to be raised, and the purpose for which the money is required, and the decree of the court upon the petition shall fix the amount for which the mortgage is to be given and the rate of interest which may be paid on the mortgage, and may order the whole or any part of the loan to be paid from time to time out of the income of the property mortgaged.
History of Section.
C.P.A. 1905, § 737; G.L. 1909, ch. 308, § 4; P.L. 1918, ch. 1640, § 2; P.L. 1920, ch. 1844, § 1; G.L. 1923, ch. 359, § 4; G.L. 1938, ch. 570, § 4; G.L. 1956, § 33-19-1; P.L. 1995, ch. 323, § 28.