§ 2201. Mortgage of property by fiduciary; motion; order; license
(a) On motion and with the written consent of the interested persons, or after hearing, the Probate Division of the Superior Court may authorize a fiduciary to mortgage any of the real estate or to mortgage, pledge, or assign any of the personalty of the estate for the benefit of the estate. The court may authorize a fiduciary to enter into an agreement for the extension or renewal of an existing mortgage or lien or of any other mortgage, lien, pledge, or assignment created under the provisions of this chapter.
(b) A motion filed under this section shall describe the property to be mortgaged, pledged, or assigned and shall include the purpose of the obligation, the limits of the principal amount, the interest rate, and the term of the note to be secured by the mortgage. A license issued by the Probate Division pursuant to this section shall fix the terms and conditions under which the property may be mortgaged, pledged, or assigned. The court may order all or any part of the obligation secured by the mortgage to be paid from time to time out of the income of the property mortgaged. A certified copy of the license shall be recorded in the office where the mortgage is recorded. (Amended 1985, No. 144 (Adj. Sess.), § 96; 2009, No. 154 (Adj. Sess.), § 238a, eff. Feb. 1, 2011; 2017, No. 195 (Adj. Sess.), § 14.)
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