§ 18-4-10 - Management powers exercised with court approval. - Rhode Island Statutes

SECTION 18-4-10

   § 18-4-10  Management powers exercised withcourt approval. – Whenever the sale, exchange, conveyance, or leasing of the whole or of any partor parts of any property held upon trust, whether the property is real,personal, or both, or the borrowing of money upon the credit of any trustproperty, or the extension or renewal of any existing obligation binding uponthe whole or any part or parts of the trust property, or the platting of anylands held upon trust, or the dedication, laying out, or conveyance, with orwithout compensation, of any lands for streets or ways, either in connectionwith the platting or independently, shall, for any reason, appear to bedesirable, the superior court, upon complaint brought by any trustee of anyproperty, may, subject to the further provisions of §§ 18-4-11 –18-4-14, authorize one or more of these transactions as may appear necessary orexpedient, and may or may not require security for the application of theproceeds, and may, if necessary or desirable, authorize the making or creationof a mortgage, pledge, or other lien of or upon the whole or any part or partsof the trust property, for the purpose of securing any borrowing of money, orof securing any extension or renewal of an existing obligation.