§554-3  Trust estates, leases, investments,
etc.  Any circuit court having jurisdiction over a trust, on application of
one or more of the trustees, and after such notice to those interested as is
ordered by the court or provided by the rules of the court, may, if it appears
to be for the benefit of the trust estate, authorize or direct the trustee or
trustees to lease or extend the terms of leases of the real property for such
periods as may be deemed advantageous to the estate; or to invest moneys of the
trust estate in the purchase of real or personal property, or the constructing,
improving, or repairing of buildings or other improvements on the land
belonging to the trust estate, or in such other manner as the court deems to be
most for the benefit of the trust estate and as best effecting the objects of
the trust.  Any lease or extension of lease made under such authority or
direction shall continue in force for the full period so authorized
notwithstanding the trust has terminated. [L 1921, c 141, §1; RL 1925, §2464;
am L 1929, c 92, §1; am L 1933, c 194, §1; RL 1935, §4712; RL 1945, §12573; RL
1955, §340-3; HRS §554-3; am L 1972, c 145, §3(c)]



 



Case Notes



 



  Lease for term extending beyond duration of trust,
application of this statute considered.  34 H. 333.  See as to power under
will, 40 H. 543, compare 31 H. 500.