Section 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  


Latest version.
  • 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.