§ 34-6-1 - Sale of real estate free of charges – Provisions for payment of sums charged.
SECTION 34-6-1
§ 34-6-1 Sale of real estate free ofcharges – Provisions for payment of sums charged. – When real estate is charged with the payment of money, either in fixed sums orin annuities for a life or lives or for years, the superior court may, upon thepetition of the persons holding title thereto subject to the charge of suchpayment, and after notice and hearing, authorize them to sell and to convey byprivate sale or public auction the whole or any portion of the real estate infee simple and free from the charge whether present or future, certain orcontingent; and the court shall in that case provide by its decree for thepayment of the sums charged upon the real estate (1) by placing the whole orany portion of the proceeds of the sale thereof in the hands of a trustee to beappointed by it, (2) by the purchase of annuities for the persons entitled toreceive the sums so charged, or (3) by any other means which shall be deemedjust and reasonable. The trustee shall give bond in such sum as the court mayorder and shall, under the direction of the court, manage and account for thetrust fund and shall distribute the income thereof according to its decree. Incase of appointment of a trustee, the court shall have power to remove him andappoint another in his stead, and to fill a vacancy in the trusteeship,whenever occasion may require.