93-13-47 - Creation, extension or renewal of encumbrances upon estate.
§ 93-13-47. Creation, extension or renewal of encumbrances upon estate.
The guardian, with the approval of the chancery court or the chancellor in vacation, may, when it is shown to be to the best interest of the ward, create, extend or renew any encumbrance upon the real or personal estate of such ward; or may, when such is shown to be to the interest of the ward, execute a new encumbrance to obtain money to pay off such encumbrance, or may, when it is shown to be to the interest of the ward, with the approval of the chancery court or the chancellor in vacation, execute an encumbrance upon so much of the real estate of the ward as it may be necessary to encumber for the purpose of borrowing money to make any necessary repairs to such real estate, including the building of any new buildings as may be deemed to be to the best interest of said ward. Any such encumbrance so extended, renewed, or made, shall be a valid charge upon the property embraced therein.
Sources: Codes, 1906, § 2420; Hemingway's 1917, § 1981; 1930, § 1881; 1942, § 417; Laws, 1900, ch. 91; Laws, 1914, ch. 202; Laws, 1958, ch. 234; Laws, 1960, ch. 216.