§153. Sale or mortgage of estates subject to contingent remainders
1. Sale or mortgage. When real estate is subject to a contingent remainder, executory devise or power of appointment, the Superior Court, the District Court or the Probate Court for the county or district in which the real estate is situated may, upon the petition of any person who has an estate in possession in the real estate and after notice and other proceedings as required, appoint one or more trustees and authorize the trustee or trustees:
A. To sell and convey the estate or any part of the estate in fee simple, if such a sale and conveyance appears to the court to be necessary or expedient; or [PL 1999, c. 547, Pt. A, §4 (NEW).]
B. To mortgage the estate, either with or without power of sale, for such an amount, on such terms and for such purposes as may seem to the court judicious or expedient. [PL 1999, c. 547, Pt. A, §4 (NEW).]
The conveyance or mortgage is valid and binding upon all parties.
[PL 1999, c. 547, Pt. A, §4 (NEW).]
2. Petition. The petition must set forth the nature of the petitioner's title to the real estate, the source from which the title was derived, the names and addresses of all persons known to be interested in the real estate and any other facts necessary for a full understanding of the matter.
[PL 1999, c. 547, Pt. A, §4 (NEW).]
SECTION HISTORY
PL 1999, c. 547, §A4 (RPR).
Structure Maine Revised Statutes
Chapter 7: CONVEYANCE OF REAL ESTATE
33 §151. Items covered by deed
33 §153. Sale or mortgage of estates subject to contingent remainders
33 §154. -- notice; appointment of next friend of minors
33 §155. -- bond of trustees; disposal of proceeds of sale
33 §156. Entailments barred by conveyance in fee simple
33 §157. Conveyance of greater estate, conveys only interest owned
33 §158. Conveyance for life and to heirs in fee
33 §159. Conveyances to 2 or more persons
33 §162. No estate greater than tenancy at will unless by writing
33 §163. Private transfer fee obligations void and unenforceable