Borrowing money for protected person

1. A guardian of the estate, with prior approval of the court by order, may borrow money for the account of the protected person when necessary: (a) To continue any business of the protected person. (b) To pay claims against the protected person, the guardianship estate or the guardian of the estate as such. (c) To provide for the proper care, maintenance, education and support of the protected person and any person to whom the protected person owes a legal duty of support. (d) For any other purpose that is in the best interests of the protected person. 2. If the court determines that the borrowing is necessary or proper, the court shall make an order approving the borrowing and may authorize one or more separate loans. The order shall prescribe the maximum amount of each loan, the maximum rate of interest and the date of final maturity of each loan, and may authorize the guardian to secure any loan by mortgage, deed of trust, pledge or other security transaction authorized by the laws of this state. The order shall describe the property, if any, to be given as security for each loan.