§ 1507 — Authority to mortgage, sell, lease or exchange 1

§ 1507. Authority to mortgage, sell, lease or exchange\n 1. In any case in which the power to mortgage, sell, lease or\nexchange real property does not exist under the provisions of EPTL\n11-1.1 or for other reasons it is for the best interests of the trust,\nthe court of the county having jurisdiction of the trust may on such\nterms and conditions as seem just and proper authorize any testamentary\ntrustee to mortgage, sell, lease or exchange real property or any part\nthereof belonging to the trust.\n 2. If the application be entertained process shall issue to all\npersons interested in the trust to show cause why the relief requested\nin the petition should not be granted.\n 3. On the return of process the court shall make such order as\njustice requires. Such order and the mortgage, sale, lease or exchange\nexecuted in conformity therewith shall be binding and conclusive on the\nremainders and reversions as well as the immediate or future trust\ninterests in the real property and shall be valid and effectual against\nall persons under disability as defined in this act and persons not in\nbeing, having estates or interests vested or contingent, for life or in\ntrust or in reversion or remainder in such real property or in the\nproceeds of the sale thereof and shall bind and be conclusive against\nall other persons so interested or having such estates or interests who\nshall by acknowledged instrument consent to such order or who have been\nmade parties to the proceeding.\n