§ 34-4-7 - Sale or mortgage of real estate subject to contingent remainder, executory devise, or power of appointment.
SECTION 34-4-7
§ 34-4-7 Sale or mortgage of real estatesubject to contingent remainder, executory devise, or power of appointment.– When real estate is subject to a contingent remainder, executory devise, orpower of appointment, the superior court may, upon the petition of any personwho has an estate in possession in the real estate, and after notice and otherproceedings as required by this chapter, appoint one or more trustees andauthorize him or her or them to sell and convey the estate or any part thereofin fee simple, if the sale and conveyance appears to the court to be necessaryor expedient, for such an amount, and on such terms, as the court may deemproper; and the conveyance shall be valid and binding upon all parties. Thetrustee or trustees may, in the discretion of the court, and upon such termsand conditions as the court may prescribe, execute a mortgage of the estate orany 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 trusteeor trustees, so far as those notes and covenants are made by the trustee ortrustees in his or her or their representative capacity, shall not bind thetrustee or trustees personally, but only the trust estate.