N.Y. Surrogate's Court Procedure Act § 1507: Authority to mortgage, sell, lease or exchange 1

§ 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.