§ 34-4-7. Sale or mortgage of real estate subject to contingent remainder, executory devise, or power of appointment.
When real estate is subject to a contingent remainder, executory devise, or power of appointment, the superior court 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 by this chapter, appoint one or more trustees and authorize him or her or them to sell and convey the estate or any part thereof in fee simple, if the sale and conveyance appears to the court to be necessary or expedient, for such an amount, and on such terms, as the court may deem proper; and the conveyance shall be valid and binding upon all parties. The trustee or trustees may, in the discretion of the court, and upon such terms and conditions as the court may prescribe, execute a mortgage of the estate or any part thereof, which mortgage may contain such powers of sale, conditions, and covenants as are usual in mortgages taken by savings banks in this state. Notes secured by, and covenants contained in, mortgages executed by the trustee or trustees, so far as those notes and covenants are made by the trustee or trustees in his or her or their representative capacity, shall not bind the trustee or trustees personally, but only the trust estate.
History of Section.G.L. 1896, ch. 201, § 18; C.P.A. 1905, §§ 1220, 1229; G.L. 1909, ch. 252, § 18; P.L. 1912, ch. 829, § 1; G.L. 1923, ch. 296, § 18; G.L. 1938, ch. 433, § 7; G.L. 1956, § 34-4-7.
Structure Rhode Island General Laws
Chapter 34-4 - Estates in Real Property
Section 34-4-1. - Presumed death from absence of life tenant.
Section 34-4-2. - Grant for life with remainder to heirs in fee.
Section 34-4-2.1. - Reservation of life estate with enhanced powers.
Section 34-4-3. - Purported grant of estate greater than owned by grantor.
Section 34-4-4. - Expectant estates not dependent on precedent estates.
Section 34-4-5. - Bar of estates tail preserved — Defeat of expectancies provided for by grantor.
Section 34-4-6. - Trustee of timber land subject to life estate.
Section 34-4-9. - Management of proceeds of sale — Supervision by court.
Section 34-4-10. - Construction of amendment to § 34-4-9.
Section 34-4-11. - Conveyance of contingent, executory, and future interests.
Section 34-4-12. - Rights against lessee in remainderman taking precedent estate by merger.
Section 34-4-13. - Rights of entry not defeated by descent or discontinuance.
Section 34-4-14. - Liability of lands for debts of tenant in tail.
Section 34-4-15. - Conveyance of fee simple by tenant in tail.
Section 34-4-16. - Conveyance by life tenant and remainderman in tail.
Section 34-4-17. - Barring of equitable estates tail.
Section 34-4-18. - Right of grantee of equitable estate tail to conveyance of legal interest.
Section 34-4-19. - Limitation of possibilities of reverter and rights of entry.
Section 34-4-20. - Possibilities of reverter and rights of entry exempt from limitation.
Section 34-4-21. - Limitation of restrictive covenants.
Section 34-4-22. - Expiration of recorded options affecting real estate.
Section 34-4-23. - Expiration of recorded instruments affecting real estate.
Section 34-4-25. - Invalidity of certain restrictive covenants.
Section 34-4-26. - Expiration of recorded rights affecting real estate.
Section 34-4-27. - Title to real estate — Trusts.
Section 34-4-28. - Title to real estate — Trusts — Conveyance to named trust.