§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 (1937).  See as to power under will, 40 H. 543 (1954), compare 31 H. 500 (1930).