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This entry was published on 2014-09-22
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SECTION 1601
Application by trustee for court authorization to mortgage, to lease, to sell, to acquire or to exchange real property or for confirmatio...
Real Property Actions & Proceedings (RPA) CHAPTER 81, ARTICLE 16
§ 1601. Application by trustee for court authorization to mortgage, to
lease, to sell, to acquire or to exchange real property or for
confirmation of a lease of real property. 1. When the assets of a trust
include an interest in real property, the trustee may apply to the court
designated in section 1603, and in the case of a testamentary trust, to
the court having jurisdiction thereof, for an order authorizing such
trustee to mortgage, to lease or to sell such real property or a part
thereof; or to acquire land adjacent to such real property or to
exchange a portion of such real property for lands adjacent to such real
property when either such acquisition or exchange would tend to improve
the boundary lines of such real property; or to confirm a lease for a
term longer than ten years made by a trustee of such real property
without obtaining prior authorization by a court.

2. An application for an order authorizing a trustee to acquire land
adjacent to real property in which the trustee has an interest, or as to
which he has a power of sale, may also be made when such real property
and the adjacent land to be acquired have the same building or
physically connected buildings thereon.