[ Text of section effective until January 1, 2006. Repealed by 2005, 129, Sec. 3 applicable as provided by 2005, 129, Sec. 6. See 2005, 129, Sec. 5.]
Section 24A. Unless otherwise expressly provided by the will or other instrument by which a trust is created, upon the sale of real estate acquired by a trustee under a will or other instrument as a result of a foreclosure or a deed in lieu of foreclosure of any mortgage held by the trust, for a consideration consisting in part or in whole of a note or other obligation secured by a mortgage thereon or on a part thereof, the cash proceeds of such sale, plus the net cash receipts of the trust from the property since default, shall first be applied to the payment of all reasonable expenses and charges involved in acquiring, managing, maintaining, caring for and selling the property. Any balance of cash remaining may in the discretion of the trustee forthwith be apportioned between income and principal as though such cash constituted the entire proceeds of the sale.