Rhode Island § 34-6-1 - Release of Money Charges

§ 34-6-1. Sale of real estate free of charges — Provisions for payment of sums charged.

When real estate is charged with the payment of money, either in fixed sums or in annuities for a life or lives or for years, the superior court may, upon the petition of the persons holding title thereto subject to the charge of such payment, and after notice and hearing, authorize them to sell and to convey by private sale or public auction the whole or any portion of the real estate in fee simple and free from the charge whether present or future, certain or contingent; and the court shall in that case provide by its decree for the payment of the sums charged upon the real estate (1) by placing the whole or any portion of the proceeds of the sale thereof in the hands of a trustee to be appointed by it, (2) by the purchase of annuities for the persons entitled to receive the sums so charged, or (3) by any other means which shall be deemed just and reasonable. The trustee shall give bond in such sum as the court may order and shall, under the direction of the court, manage and account for the trust fund and shall distribute the income thereof according to its decree. In case of appointment of a trustee, the court shall have power to remove him and appoint another in his stead, and to fill a vacancy in the trusteeship, whenever occasion may require.