Any person under the age of 18 or surviving spouse who has not remarried who is eligible for a guaranty of credit under the provisions of Title III of an Act of Congress of the United States approved June 22, 1944, entitled the “Servicemen’s Readjustment Act of 1944,” as now or hereafter amended, or other like federal law, shall be upon complying with the terms of this section, qualified to contract for and purchase any real or personal property with respect to which the guaranteed loan is to be made, to execute the note or other evidence of the loan indebtedness and to secure the debt by the execution of a deed of trust or chattel mortgage, or other instrument, upon the real or personal property acquired as aforesaid in connection with the proposed loan or theretofore acquired by such person, whether by purchase or otherwise, and such person shall, in all respects, be bound by such contracts or other instruments entered into as though he were of full age. When any such person is under the age of 18 years, no contract, note, deed of trust, mortgage, or other instrument required to obtain benefits under such federal legislation shall be executed by such person unless the circuit or corporation court of the city or county, or judge thereof in vacation, in which the property is located or to be used, after a petition signed by any such person has been filed with it or him, approves the same. Such petition shall set forth the facts pertaining to the proposed transaction and shall state why the judge or court should approve and authorize the execution of the necessary instruments. The petition shall be heard by the court without a jury, and its decision thereon shall be final. A guardian ad litem shall be appointed who shall make an investigation and report in writing whether in his opinion the best interest of the petitioner would be served by permitting the petitioner to enter into such transaction, and the report shall be filed with the papers in the case. No such petition shall be approved by the court unless such approval is recommended by the report of the guardian ad litem and unless it is also recommended by the testimony of at least two disinterested and qualified witnesses appointed by the court, or the judge thereof in vacation. The order of approval shall recite the recommendation of the guardian ad litem and the witnesses and also their names and addresses. And the judge of the court hearing the case shall fix a reasonable fee for the attorneys and guardians ad litem. The court, if of opinion that entry into such transaction would benefit the petitioner, shall approve the prayer of the petition, and the petitioner, if he enters into such transaction and executes any instrument required therein, shall be bound thereby as if of full age whether all or part of the obligation secured is so guaranteed. All rights that have accrued or obligations that have arisen under this section prior to January 30, 1947, are hereby declared valid and binding. If the court approves the prayer of the petition, such approval shall operate to vest title and confer the power to encumber or convey title to real or personal property acquired pursuant to such approval. Any infant spouse of an infant veteran permitted by the court to make loans under this section may unite in any conveyance to effectuate such a loan as if he were a spouse of an adult signing as provided under the provisions of former § 55-42, relating to the removal of disability of infancy in certain cases.