§ 33-9-14. Authority of executor or administrator to borrow.
Whenever it shall for any reason appear to be desirable for an executor or administrator to borrow money, the superior court, upon bill or petition in equity filed by the executor or administrator, may authorize the executor or administrator to borrow, for any one or more of the purposes specified in § 33-9-15, such sum or sums, for such period or periods of time, and upon such terms and conditions as the court shall deem advisable, and the court may authorize the executor or administrator to mortgage, pledge, or otherwise subject to lien, as security for the repayment of the money borrowed, the whole or any part or parts of the personal estate in his hands; provided, however, that property specifically bequeathed shall not be mortgaged, pledged, or otherwise subjected to lien so long as there remains personal property not specifically bequeathed which may be so mortgaged, pledged, or otherwise subjected to lien. For the purpose of exercising any powers so granted, an executor or administrator may execute such promissory notes, bonds, mortgages, deeds of trust or other instruments, containing such powers of sale, conditions, covenants or other provisions, as may be necessary or proper in the circumstances. In granting this authority, the court may impose such conditions or restrictions and give such directions as it may deem advisable; and the court may either direct that particular property may be so mortgaged or pledged, or may authorize the executor or administrator to mortgage or pledge the whole or such part or parts of the personal estate in his or her hands as he or she may in his or her discretion deem advisable, subject, however, to the provisions in regard to property specifically bequeathed.
History of Section.G.L., ch. 312, § 56, as enacted by P.L. 1921, ch. 2030, § 1; G.L. 1923, ch. 363, § 56; G.L. 1938, ch. 575, § 54; G.L. 1956, § 33-9-14.
Structure Rhode Island General Laws
Title 33 - Probate Practice and Procedure
Chapter 33-9 - Collection and Management of Decedents’ Estates
Section 33-9-1. - Return of inventory of estate.
Section 33-9-2. - Wearing apparel.
Section 33-9-3. - Emblements of lands.
Section 33-9-4. - Appraisal of property.
Section 33-9-5. - Debts owed by executor to decedent.
Section 33-9-6. - Marking and care of decedent’s grave.
Section 33-9-7. - Continuation of decedent’s business.
Section 33-9-8. - Redemption or sale of incumbered property.
Section 33-9-9. - Real estate mortgages as personal property.
Section 33-9-10. - Sale of mortgage and debt.
Section 33-9-11. - Taking possession of property by mortgage.
Section 33-9-12. - Possession and sale of property taken through mortgage.
Section 33-9-13. - Redemption of mortgaged property from executor or administrator.
Section 33-9-14. - Authority of executor or administrator to borrow.
Section 33-9-15. - Purposes for which borrowing authorized.
Section 33-9-16. - Effect of borrowing by executor or administrator.
Section 33-9-17. - Lender not liable for loss or misapplication.
Section 33-9-18. - Authority to lend, invest, vote, and protect investments.
Section 33-9-19. - General powers of executor or administrator unaffected.
Section 33-9-20. - Representation of contingent interests and persons non sui juris.
Section 33-9-21. - Appeals to supreme court.
Section 33-9-24. - Continuation of actions by or against decedent.
Section 33-9-25. - Substitution and execution by successor administrator.
Section 33-9-26. - Liability of executor in own wrong.
Section 33-9-27. - Personal liability of executor or administrator for debts of estate.
Section 33-9-28. - Civil action with suggestion of waste.
Section 33-9-29. - Descent or distribution of real estate to be recorded.