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§34-4-7  Sale or mortgage of real estate subject to contingent remainder, executory devise, or power of appointment. –


Published: 2015

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TITLE 34

Property

CHAPTER 34-4

Estates in Real Property

SECTION 34-4-7



   § 34-4-7  Sale or mortgage of real estate

subject to contingent remainder, executory devise, or power of appointment.

–

When real estate is subject to a contingent remainder, executory devise, or

power of appointment, the superior court may, upon the petition of any person

who has an estate in possession in the real estate, and after notice and other

proceedings as required by this chapter, appoint one or more trustees and

authorize him or her or them to sell and convey the estate or any part thereof

in fee simple, if the sale and conveyance appears to the court to be necessary

or expedient, for such an amount, and on such terms, as the court may deem

proper; and the conveyance shall be valid and binding upon all parties. The

trustee or trustees may, in the discretion of the court, and upon such terms

and conditions as the court may prescribe, execute a mortgage of the estate or

any part thereof, which mortgage may contain such powers of sale, conditions,

and covenants as are usual in mortgages taken by savings banks in this state.

Notes secured by, and covenants contained in, mortgages executed by the trustee

or trustees, so far as those notes and covenants are made by the trustee or

trustees in his or her or their representative capacity, shall not bind the

trustee or trustees personally, but only the trust estate.



History of Section.

(G.L. 1896, ch. 201, § 18; C.P.A. 1905, §§ 1220, 1229; G.L.

1909, ch. 252, § 18; P.L. 1912, ch. 829, § 1; G.L. 1923, ch. 296,

§ 18; G.L. 1938, ch. 433, § 7; G.L. 1956, § 34-4-7.)