RPAPL 1601 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search up ARTICLE 16 Judicial Authorization of Sale, Lease, Mortgage, Acquisition, Exchange or Voluntary Partition next SECTION 1602 Application by owner of present or future interest for court authorization to mortgage, to lease or to sell real property Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 1601 Application by trustee for court authorization to mortgage, to lease, to sell, to acquire or to exchange real property or for confirmatio... Real Property Actions & Proceedings (RPA) CHAPTER 81, ARTICLE 16 § 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.