§412:8-201  Fiduciary powers.  Everytrust company shall have the power and authority to serve as a trustee,personal representative, conservator, assignee for the benefit of others, orreceiver, subject to the duties imposed by the instrument or by law.  As usedherein, the term "instrument" means any trust agreement, declaration,or other agreement, any valid will, or any court order or decree in anyprobate, guardianship, conservatorship, or receivership.  Pursuant thereto, atrust company is authorized and empowered to exercise powers as provided bylaw, including but not limited to:

(1)  Perform such acts as may be prudent, consistentwith, and reasonably necessary to carry out the legitimate purposes of theinstrument;

(2)  Administer, fulfill, and discharge all lawfulduties imposed by the instrument or by law, for such remuneration as may beagreed upon or provided by law;

(3)  Acquire principal and income on behalf of theestate administered by the trust company, including without limitation real property,insurance proceeds, rents, interest, dividends, mortgages, bonds, bills, notes,and securities;

(4)  Buy, sell, issue, negotiate, register, transfer,or countersign certificates of stock, bonds, or other obligations of anycorporation, association, or municipality;

(5)  Lease, purchase, hold, and convey real andpersonal property to the extent authorized by the instrument or by law, orconsistent with the purposes thereof; and

(6)  Execute and issue on behalf of the estate anydocuments necessary to the prudent administration thereof, including withoutlimitation any receipts, certificates, papers, and contracts which shall besigned by an appropriate trust officer designated by the trust company. [L1993, c 350, pt of §1; am L 2004, c 161, §36; am L 2006, c 228, §41]

 

Cross References

 

  Uniform Fiduciaries Act, see chapter 556.