Guam § 2367 - Borrowing Money and Mortgaging Estate Property:

§ 2367. Borrowing Money and Mortgaging Estate Property:

Hearing; Order; Recordation.

At the time appointed pursuant to the provisions of Section 2365 of

this Title, the Superior Court, upon proof that due notice of the hearing

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CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY

has been given, shall proceed to hear the petition referred to in Section

2365 of this Title and any objection thereto that may have been filed or

presented; and if, after a full hearing, the Superior Court is satisfied that

it will be to the advantage of the estate, the Superior Court of Guam shall

make an order authorizing and directing the personal representative to

borrow the money and to execute such note or notes, and, in a proper

case, to execute such mortgage or to give such other security by way of

pledge or other lien. The Superior Court may direct that a lesser amount

than that named in the petition be borrowed, and may prescribe the

maximum rate of interest and the period of the loan, and may direct in

what coin or currency it shall be paid, and require that the interest and

the whole or any part of the principal be paid, from time to time, out of

the whole estate or any part thereof, and that the personal property to be

mortgaged or subjected to the lien, or any buildings on the premises to be

mortgaged, shall be insured for the further security of the lender, and the

premiums paid from such income. A certified copy of the order referred

to in this Section shall be recorded in the Department of Land

Management of the Government of Guam.