The interpretation of a trust instrument executed decades earlier raises a problem for trustees and courts that is common to other areas of the law, of balancing an early rationale with contemporary economic realities. Less dramatic than the well publicized changes in criminal-constitutional law and torts, but of substantial financial significance, is the question of whether a trustee, who has been given the power to sell trust real property, also has the power to option that property. Even if the power to sell does carry with it the power to option, when, may such an option be granted, and under what terms and conditions?
Michael H. Dessent,
Trustee's Power: The Power to Sell Includes the Power to Option,
San Diego L. Rev.
Available at: https://digital.sandiego.edu/sdlr/vol7/iss1/4