Connecticut General Statutes 45a-168 – Mortgage of real property: Amount and interest rate. Liability of fiduciary
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(a) An application to mortgage real property made under the provisions of sections 45a-164 to 45a-169, inclusive, and 45a-428 shall set forth the amount of money necessary to be raised and the purposes for which the money is required.
Terms Used In Connecticut General Statutes 45a-168
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(b) The order of the court upon the application to mortgage shall fix the amount for which the mortgage may be given and the rate of interest which may be paid thereon.
(c) The note and mortgage legally executed by such conservator, guardian, administrator, executor, trustee or overseer shall bind the estate, but shall not bind such fiduciary individually.