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

NY Real Prop Actions L § 1601 (2019) (N/A)

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§ 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. 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.

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1602 - Application by Owner of Present or Future Interest for Court Authorization to Mortgage, to Lease or to Sell Real Property.