New Jersey § 3a:15-15

§ 3a:15-15.

a. In all cases where by reason of a change in conditions which occurs, or which may

be reasonably foreseen, the objects of any trust heretofore or hereafter created by

will or other instrument, or by order of court, might be defeated in whole or in part

by the investment or continuance of the investment of all the funds of such trust

in the kinds of securities to which the trustee is or shall be limited by the statutes

of this state or by the instrument or court order creating such trust, any trustee

or beneficiary of such trust may institute an action in the superior court to secure

authority permitting or directing the trustee or trustees of such trust to invest

all or a part of the funds thereof in other kinds of investments. b. If the court shall find that by reason of a change in conditions which occurs since

the creation of such trust or which may be reasonably foreseen, the objects of the

trust might be defeated in whole or in part by the investment, or continuance of the

investment, of all the funds of such trust in the kinds of investments to which the

trustee is then limited by the statutes of this state or by the instrument or court

order creating such trust and that the objects of the trust and the interests of all

the beneficiaries thereof, whether vested or contingent, would be promoted by the

investment of all, or some part, of the trust funds otherwise, the court shall by

its order or judgment, notwithstanding that the trust so created may be in default

in respect to the terms of the instrument creating such trust, authorize or direct

the trustee of such trust to invest the whole, or such part thereof as it shall designate,

in any class of investments, including common or preferred stocks of corporations

of this state or of any other state or country, which in its judgment will promote

the objects of the trust and the interests of all the beneficiaries thereof. However the court shall not authorize or direct the purchase of any class of common

or preferred stock of any corporation unless the corporation shall have been organized

and engaged in the conduct of its business for 5 calendar years immediately preceding

the purchase of the stock of the corporation. c. As used in this section “trust” shall include “guardianship”, “trustee” shall include

“guardian”, and “beneficiary” shall include “ward”.