[ Text of section effective until March 31, 2012. Repealed by 2008, 521, Sec. 27. See 2008, 521, Sec. 44 as amended by 2010, 409, Sec. 23 and 2011, 224.]
Section 16. If the sale and conveyance, transfer or exchange of any real or personal property held in trust appears to be necessary or expedient, the supreme judicial court, the superior court or the probate court may, upon petition of a trustee or other person interested, after notice, order such sale and conveyance, transfer or exchange to be made, and the investment, reinvestment and application of the proceeds of such sale in such manner as will best effect the objects of the trust. In the case of a petition to sell real estate, the court, if satisfied that such action will not be prejudicial to the interests of the estate, may authorize the petitioner to become the purchaser of such real estate, either at public or private sale. In the case of personal property the probate court may make such order with or without notice and without the appointment of a guardian ad litem or next friend as provided in the following section. The fact that the trustee has the necessary authority under the terms of the instrument creating the trust or by law to make such sale and conveyance, transfer or exchange without order of the court shall not bar proceedings under this section, but nothing herein contained shall be deemed to require a license where such authority exists.