Massachusetts General Laws ch. 185 sec. 73 – Trusts with powers of sale, mortgage, etc.
Section 73. If the instrument creating or declaring a trust or other equitable interest contains an express power to sell, mortgage or deal with the land in any manner, such power shall be stated in the certificate of title by the words ”with power to sell”, or ”power to mortgage”, and by apt words of description in case of other powers. No instrument which transfers, mortgages or in any way deals with registered land held in trust shall be registered, unless the power thereto enabling is expressly conferred in the trust instrument, or unless the decree of a court of competent jurisdiction on a bill for instructions or other proceeding has construed the instrument in favor of the power. In such case a certified copy of such decree may be filed with the assistant recorder, and he shall make registration in accordance therewith.
Terms Used In Massachusetts General Laws ch. 185 sec. 73
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.