The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1890-07-20
CHAPTER LXXXYIII.

An Act empowering executors and
trustees, under certain circumstances,
to sell or mortgage real estate.
l. BE it enacted by the Senate and Gen
Jersey. That whenever. by any last will
or testiment, lands and real estate are
devised to, or whenever, by any deed,
lands are conveyed TO or held by any ex-
ecutor or executors. trustee or trustees
in trust for any person or persons for life,
or until The happening OF some event IN
such will or deed named, and said lands
so devised or conveyed shall, at the time
OF the taking effect of such device or con.
yeyance be encountered with any mort
gage or charged with the payment OF any
legacy. or subject to any Judgment, tax
or assessment, or shall thereafter become
chargeable with or subject 10 any iudg-
menf, tax or assessment, for the payment
of which mortgage, legacy, judgment, tax
or assessment, and interest thereon. no
adequate provision is made in such will,
or afforded by the estate of the testator
or provided for in such deed, except out
of the income from said lands and real
estate, and the same have been
sold for such tax or assessment
by virtue of any laws of this
state, or shall be liable to be sold or
raise, pay, satisfy and discharge such
mortgage, legacy, Judgment, tax or as
sessnent, or interest thereon, whereby
the interest of the cestui que trusts, or of
the owners or owner of the particular es-
tate, or of the estate in remainder or
reversion i'll said lands may be injured or
impaired, it shall be lawful for the court
of chancery, upon application made to it
by petition by the executors or executor,
trustees or trustee, named in said Will or
deed, or the survivors or survivor of
them, or any duly appointed person
standing and acting in their place, or by
or, 1f1f tIl lzt m. n n a
owners aforesaid, and upon the consider
alton of the circumstances of the case
ana notice TO all the parties in interest, to
order and decree said executors or execu-
tor, trustees or trustee, or the survivors
or survivor of them, or any duly appoint
ed person standing and acting in their
place, to sell and convey or mortgage
said lands or part thereof whichever,
under the circumstances of the case,
shall appear to said court to be most
beneficial to the parties in interest, for
the purpose of raising money to pay, sat
isfy aud discharge said mortgage, legacy,
Judgment, tax or assessment and interest
thereon, together with the costs and ex-
penses attending said sale or the
procurement of said mortgage loan:
ana whenever such decree shall be
made, the said executors or eXecu-
tor, trustees or trustee, or the sur
yiyors or survivor OF them or duly ap-
their place, may sell and convey or mort
gage SAID lands or such part thereof as
may be necessary for the purpose afore-
said for such price or in such an amount
as SAID court snail in and by said decree
direct; and such sale or mortgage of said
lands shall be free, clear and discharged
of any interest of said cestui que trusts,
and of said owners therein, and the sur
plus arising therefrom, in case Of sale,
after paying said mortgage, legacy, judg-
ment, tax or assessment and accrued in
terest thereon, together with the costs
and expenses attending said sale, shall be
held by said executors or executor, trus-
tees or trustee, subject to the provisions
of said will or deed relating 10 said lands,
in such manner as the chancellor shall
direct.
Q Aud be it enacted, That all acts or
parts of acts inconsistent herewith be
and the same are hereby repealed. and
that this act shall take effect immedi-
ateiy.
Approved March 81, 1890.