Borrowing Money and Mortgaging Estate Property:

Authorization; Security; Procedure on Estate Less Than Entire Ownership.

(a)Whenever it shall appear to be to the advantage of the estate to borrow money upon a note or notes, either unsecured, or to be secured by a chattel mortgage upon the personal property of the decedent, or any part thereof, or to be secured by a mortgage upon the real property of the decedent, or any part thereof, or to mortgage or to pledge or give other lien upon such property or any part thereof, in order to pay the debts of the decedent, or legacies, or expenses or charges of administration, or to pay, reduce, extend or renew some lien or mortgage already subsisting upon property of the estate, and as often as occasion thereafter shall arise in the administration of the estate, the Superior Court may authorize, em- COL120106 CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY power and direct 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 other security by way of pledge or other lien, or may authorize in a proper case the execution of an extension agreement.

(b)When property of the estate consists of an undivided interest in real or personal property or any other interest therein less than the entire ownership, and it shall appear to be to the advantage of the estate to borrow money in order to improve, utilize, operate or preserve such property jointly with the owner or owners of the other interests therein, or in order to pay, reduce, extend or renew some pledge, lien or mortgage already subsisting upon all such property, including the other interest or interests therein, the Superior Court may authorize, empower and direct the personal representative to borrow the money required for such purposes and to join with the owner or owners of said other interest or interests in the property, in the execution of such pledge, lien or mortgage as may be required to secure the payment of such note or notes.

(c)To obtain any order referred to in subsections

(a)and

(b)of this Section, the proceedings to be taken and the effect thereof shall be as provided in Sections 2365 through 2371, inclusive, of this Title.