Oklahoma § 58-385.3 - Order for guardian to borrow money, execute mortgage,

§ 58-385.3. Order for guardian to borrow money, execute mortgage,

etc. - Additional bond - Approval.

Upon such hearing, if the court is satisfied that it is for the

best interest of the estate and to the owners of such real estate he

may make an order authorizing the guardian to borrow money, make,

execute and deliver a note or notes therefor and to make, execute

and deliver a real estate mortgage securing the same, in such

amount, at such rate of interest and upon such terms and conditions

as the court may prescribe and may, if he deems it advisable require

an additional bond as in the case of the sale of real estate. After

the order of the court authorizing the same is made, the guardian

may make and execute the note or notes and mortgage and shall then

present the same to the district court or judge thereof, who shall

examine the same, and if they appear to be in conformity to law and

the order of the court, the judge of the district court shall

endorse his approval on the face of the mortgage. Thereafter the

guardian may proceed to close the loan by receiving the funds so

borrowed and by delivering the note or notes and mortgage. All such

notes and mortgages shall be valid and binding obligations against

the estate and against the real estate so mortgaged in accordance

with the terms and conditions of such mortgage.

Laws 1968, c. 154, § 4, operative Jan. 13, 1969.

§58-385a. Borrowing money - Mortgage of estate realty - Grant of

authority by district court.

In addition to the grounds and reasons now set forth and

provided by law for which the district court may grant authority to

administrators or executors of the estates of deceased persons to

mortgage, by contract, renewal or new mortgage, the real estate of

such estates, the district court may, upon verified petition

supported by sufficient evidence showing that the best interest of

the owners of the real estate belonging to any such estate requires

it, by an Order, grant authority to such administrators or executors

to mortgage the real estate, or any part thereof, except the

homestead, belonging to an estate of a deceased person for the

purpose of borrowing or securing money and funds with which to pay

off and discharge outstanding and unpaid debts against the estate of

such deceased persons, legally ordered and unpaid family allowance

and expenses and charges of administration, whether said property

Oklahoma Statutes - Title 58. Probate Procedure

has or has not before that time been mortgaged by the decedent or by

the administrator or executor of his estate.

Laws 1937, p. 2, § 1.

§58-385b. Petition - Contents - Time for filing - Limitations.

To obtain an order for mortgaging such real estate for the

purpose and under the provisions hereof, the administrator or

executor must present a verified petition to the district court, or

to the judge thereof, setting forth a description of the property,

real and personal, on hand and undisposed of, the legally

established debts outstanding and unpaid, the legally ordered family

allowance due and unpaid, if any, the amount of the charges and

expenses of administration, the names and addresses of the heirs,

devisees and legatees of the decedent, and the specific reason why

it will be to the best interest of said estate to mortgage, rather

than to sell, such real estate or a part thereof. Such petition to

mortgage shall not be filed and the authority therefor shall not be

given or order therefor made, until after the time within which to

present claims has expired. Such authority shall not be given or

order made therefor, and no mortgage on any real estate shall be

made, given, executed or delivered under the provisions hereof, for

an amount in excess of two-thirds (2/3) of the appraised value

thereof, as established by an appraisal made by three disinterested

citizens of the county within one (1) year of the time of making

such order to mortgage.

Laws 1937, p. 3, § 2; Laws 1953, p. 237, § 25.

§58-385c. Hearing on petition - Notice.

If it appears to the court, from such verified petition and the

evidence that it is necessary and for the best interest of said

estate to mortgage the whole of such real estate or any part

thereof, except the homestead, for the purposes and reasons herein

set forth, the county judge of the district court shall by order set

a time for hearing the petition and shall give and issue notice

thereof and cause copies of such notice to be mailed to each of the

heirs at law, devisees, and legatees of the decedent, whose

addresses are known, at least fifteen (15) days prior to such

hearing, and shall cause notice thereof to be published in a

newspaper of general circulation in the county where said hearing is

to be held for two (2) weeks in a weekly paper, or ten (10) days in

a daily paper, prior to such hearing. The notice shall contain a

description of the property sought to be mortgaged, the amount of

the proposed mortgage and the purpose or purposes therefor.

Laws 1937, p. 3, § 3.

§58-385d. Order to borrow money and mortgage realty - Execution of

notes and mortgage - Additional bond.

Oklahoma Statutes - Title 58. Probate Procedure

Upon such hearing, if the court is satisfied that it is for the

best interest of the estate and to the owners of such real estate he

may make an order authorizing the administrator or executor to

borrow money, make, execute and deliver a note or notes therefor and

to make, execute and deliver a real estate mortgage securing the

same, in such amount, at such rate of interest and upon such terms

and conditions as the court may prescribe and may, if he deems it

advisable require an additional bond as in the case of the sale of

real estate. After the order of the court authorizing the same is

made, the administrator or executor may make and execute the note or

notes and mortgage and shall then present the same to the district

court who shall examine the same, and if they appear to be in

conformity to law and the order of the court, the judge of the

district court shall endorse his approval on the face of the

mortgage. Thereafter the administrator or executor may proceed to

close the loan by receiving the funds so borrowed and by delivering

the note or notes and mortgage. All such notes and mortgages shall

be valid and binding obligations against the estate and against the

real estate so mortgaged in accordance with the terms and conditions

of such mortgage.

Laws 1937, p. 3, § 4.