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§58-385.
§58-385.
A. 1. The district court may, upon verified petition supported by
sufficient evidence showing that the best interest of the owners of
the real estate affected requires it, by order, grant authority to the
administrators or executors of the estate of deceased persons or to
the guardians of the estates of minors or incapacitated persons, to
enter into contracts for and to renew or extend the time of payment of
any mortgage, lien, or obligation which may by operation of law become
a lien upon the real estate of the estate or ward, including
homestead, or to execute a new mortgage for the purpose of paying off
and securing the release of any such mortgage, lien, or obligation
which may by operation of law become a lien; provided, in no case
shall such authority be granted to mortgage, or contract for the
renewal or extension of any mortgage, for an amount greater than may
be necessary to pay an obligation which may by operation of law become
a lien, or liens existing at the time an order is granted including
principal, interest, taxes, and reasonable expenses as may be incident
to perfecting the renewal, extension, or new mortgage.
2. The court, in its discretion, may grant authority to include in a
renewal or new mortgage an amount sufficient to pay for necessary
repairs on real estate when repairs are necessary for the preservation
of the property.
B. 1. The district court may, upon verified petition supported by
sufficient evidence showing that the best interest of the affected
owners of the real estate requires it, by order, grant authority to
the guardians of the estates of incapacitated persons to execute a new
mortgage known as a home equity conversion mortgage or rising debt
loan for the purpose of meeting the requirements for the health and
safety of the ward, obtaining necessary services to meet those
requirements, and protecting the rights of the ward so as to maintain
the ward in his or her residence; provided, in no case shall authority
be granted to mortgage or contract for the renewal or extension of any
mortgage for an amount greater than two-thirds (2/3) of the appraised
value of the real property of the ward.
2. The court, in its discretion, may grant authority to include in a
renewal or new mortgage an amount sufficient to pay for necessary
repairs on real estate when repairs are necessary for the preservation
of the property.
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