§ 34-4-6. Trustee of timber land subject to life estate.
When it appears that wood and timber standing on land, the use and improvement of
which belongs, for life or otherwise, to a person other than the owner of the fee
in the land, have ceased to improve by growth, or ought for any cause to be cut, the
superior court may on petition appoint a trustee, and authorize and empower the trustee
to sell and convey the wood and timber, to be cut and carried away within a time to
be limited in the order of sale, and to hold, invest, reinvest, and change the investment
of the proceeds thereof, after paying therefrom the expenses of the sale, and to pay
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§ 34-4-6. Trustee of timber land subject to life estate.
When it appears that wood and timber standing on land, the use and improvement of
which belongs, for life or otherwise, to a person other than the owner of the fee
in the land, have ceased to improve by growth, or ought for any cause to be cut, the
superior court may on petition appoint a trustee, and authorize and empower the trustee
to sell and convey the wood and timber, to be cut and carried away within a time to
be limited in the order of sale, and to hold, invest, reinvest, and change the investment
of the proceeds thereof, after paying therefrom the expenses of the sale, and to pay
over the income, above the taxes and other expenses of the trust, to the person entitled
to the use and improvement while his or her right thereto continues, and, at the expiration
of the right, to pay the principal sum to the owner of the land. When wood and timber
have been cut as provided by this section, no more shall be cut on the land by the
person entitled to the use and improvement without permission from the court. When
a sale is authorized under this section, the trustee shall give, to the person as
the court shall designate, a bond for the use and benefit of the persons interested
in the proceeds of the sale, with condition for the faithful discharge of the trust;
and the court may from time to time remove the trustee and appoint another in his
or her stead, or fill a vacancy in the trusteeship whenever occasion may require.