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 COL120106 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.