2006 New York Code - Authority To Mortgage, Sell, Lease Or Exchange

 
  § 1507. Authority to mortgage, sell, lease or exchange
    1.    In  any  case  in  which  the  power to mortgage, sell, lease or
  exchange real property does not  exist  under  the  provisions  of  EPTL
  11-1.1  or  for other reasons it is for the best interests of the trust,
  the court of the county having jurisdiction of the  trust  may  on  such
  terms  and conditions as seem just and proper authorize any testamentary
  trustee to mortgage, sell, lease or exchange real property or  any  part
  thereof belonging to the trust.
    2.    If  the  application  be  entertained process shall issue to all
  persons interested in the trust to show cause why the  relief  requested
  in the petition should not be granted.
    3.    On  the  return  of  process  the court shall make such order as
  justice requires.  Such order and the mortgage, sale, lease or  exchange
  executed  in conformity therewith shall be binding and conclusive on the
  remainders and reversions as well  as  the  immediate  or  future  trust
  interests  in the real property and shall be valid and effectual against
  all persons under disability as defined in this act and persons  not  in
  being,  having estates or interests vested or contingent, for life or in
  trust or in reversion or remainder in  such  real  property  or  in  the
  proceeds  of  the  sale thereof and shall bind and be conclusive against
  all other persons so interested or having such estates or interests  who
  shall  by acknowledged instrument consent to such order or who have been
  made parties to the proceeding.