New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 18-8

When any fiduciary holds unimproved land or is vested with a power to sell the same, or his ward has an interest therein, and the superior court shall find that the interest of the beneficiaries or ward requires the sale of the land and that a more advantageous sale may be made if it is developed and improved by laying out and building streets and making other improvements appropriate and incident to its division into building lots, the court may direct the fiduciary to develop and improve the land in such manner as it may approve and to pay the cost thereof out of any funds held by him upon the same or a similar trust or for his ward, or to borrow funds upon security of the land or otherwise.