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 - New York Statutes

§ 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.