456.8-816. Specific powers of trustee.

MISSOURI STATUTES AND CODES

456.8-816. Specific powers of trustee.

Specific powers of trustee.

456.8-816. Without limiting the authority conferred by section456.8-815, a trustee may:

(1) collect trust property and accept or reject additions to thetrust property from a settlor or any other person;

(2) acquire or sell property in divided or undivided interests, forcash or on credit, at public or private sale;

(3) exchange, partition, or otherwise change the character of trustproperty;

(4) deposit trust money in an account in a financial institution;

(5) borrow money, with or without security, and mortgage or pledgetrust property for a period within or extending beyond the duration of thetrust;

(6) with respect to an interest in a proprietorship, partnership,limited liability company, business trust, corporation, or other form ofbusiness or enterprise, continue the business or other enterprise and takeany action that may be taken by shareholders, members, or property owners,including merging, dissolving, or otherwise changing the form of businessorganization or contributing additional capital;

(7) with respect to stocks or other securities, exercise the rightsof an absolute owner, including the right to:

(a) vote, or give proxies to vote, with or without power ofsubstitution, or enter into or continue a voting trust agreement;

(b) hold a security in the name of a nominee or in other form withoutdisclosure of the trust so that title may pass by delivery;

(c) pay calls, assessments, and other sums chargeable or accruingagainst the securities, and sell or exercise stock subscription orconversion rights; and

(d) deposit the securities with a depositary or other financialinstitution;

(8) with respect to an interest in real property, construct, or makeordinary or extraordinary repairs to, alterations to, or improvements in,buildings or other structures, demolish improvements, raze existing orerect new party walls or buildings, subdivide or develop land, dedicateland to public use or grant public or private easements, and make or vacateplats and adjust boundaries;

(9) enter into a lease for any purpose as lessor or lessee, includinga lease or other arrangement for exploration and removal of naturalresources, with or without the option to purchase or renew, for a periodwithin or extending beyond the duration of the trust;

(10) grant an option involving a sale, lease, or other disposition oftrust property or acquire an option for the acquisition of property,including an option exercisable beyond the duration of the trust, andexercise an option so acquired;

(11) insure the property of the trust against damage or loss andinsure the trustee, the trustee's agents, and beneficiaries againstliability arising from the administration of the trust;

(12) abandon or decline to administer property of no value or ofinsufficient value to justify its collection or continued administration;

(13) with respect to possible liability for violation ofenvironmental law:

(a) inspect or investigate property the trustee holds or has beenasked to hold, or property owned or operated by an organization in whichthe trustee holds or has been asked to hold an interest, for the purpose ofdetermining the application of environmental law with respect to theproperty;

(b) take action to prevent, abate, or otherwise remedy any actual orpotential violation of any environmental law affecting property helddirectly or indirectly by the trustee, whether taken before or after theassertion of a claim or the initiation of governmental enforcement;

(c) decline to accept property into trust or disclaim any power withrespect to property that is or may be burdened with liability for violationof environmental law;

(d) compromise claims against the trust which may be asserted for analleged violation of environmental law; and

(e) pay the expense of any inspection, review, abatement, or remedialaction to comply with environmental law;

(14) pay or contest any claim, settle a claim by or against thetrust, and release, in whole or in part, a claim belonging to the trust;

(15) pay taxes, assessments, compensation of the trustee and ofemployees and agents of the trust, and other expenses incurred in theadministration of the trust;

(16) exercise elections with respect to federal, state, and localtaxes;

(17) select a mode of payment under any employee benefit orretirement plan, annuity, or life insurance payable to the trustee,exercise rights thereunder, including exercise of the right toindemnification for expenses and against liabilities, and take appropriateaction to collect the proceeds;

(18) make loans out of trust property, including loans to abeneficiary on terms and conditions the trustee considers to be fair andreasonable under the circumstances, and the trustee has a lien on futuredistributions for repayment of those loans;

(19) pledge trust property to guarantee or secure loans made byothers to a beneficiary;

(20) appoint a trustee to act in another jurisdiction with respect totrust property located in the other jurisdiction, confer upon the appointedtrustee all of the powers and duties of the appointing trustee, requirethat the appointed trustee furnish security, and remove any trustee soappointed;

(21) pay an amount distributable to a beneficiary who is under alegal disability or who the trustee reasonably believes is incapacitated,by paying it directly to the beneficiary or applying it for thebeneficiary's benefit, or by:

(a) paying it to the beneficiary's conservator or, if the beneficiarydoes not have a conservator, the beneficiary's guardian;

(b) paying it to the beneficiary's custodian under the Missouritransfers to minors law under sections 404.005 to 404.094, RSMo, or apersonal custodian under sections 404.400 to 404.650, RSMo, and, for thatpurpose, creating a custodianship or custodial trust;

(c) if the trustee does not know of a conservator, guardian,custodian, or custodial trustee, paying it to an adult relative or otherperson having legal or physical care or custody of the beneficiary, to beexpended on the beneficiary's behalf; or

(d) managing it as a separate fund on the beneficiary's behalf,subject to the beneficiary's continuing right to withdraw the distribution;

(22) on distribution of trust property or the division or terminationof a trust, make distributions in divided or undivided interests, allocateparticular assets in proportionate or disproportionate shares, value thetrust property for those purposes, and adjust for resulting differences invaluation;

(23) resolve a dispute concerning the interpretation of the trust orits administration by mediation, arbitration, or other procedure foralternative dispute resolution;

(24) prosecute or defend an action, claim, or judicial proceeding inany jurisdiction to protect trust property and the trustee in theperformance of the trustee's duties;

(25) to engage and compensate attorneys, accountants, investmentadvisors, or other agents, and to delegate to them trustee's duties andfunctions in accordance with the provisions of section 456.8-807;

(26) sign and deliver contracts and other instruments that are usefulto achieve or facilitate the exercise of the trustee's powers;

(27) on termination of the trust, exercise the powers appropriate towind up the administration of the trust and distribute the trust propertyto the persons entitled to it; and

(28) to invest and reinvest trust assets in accordance with sections469.900 to 469.913, RSMo; including investing and reinvesting trust assetsin United States government obligations, either directly or in the form ofsecurities of, or other interests in, any open-end or closed-end managementtype investment company or investment trust registered pursuant to theInvestment Company Act of 1940, as amended, including but not limited toUnited States government obligations and repurchase agreements fullycollateralized by such obligations, notwithstanding that the governinginstrument or order directs, requires, authorizes, or restricts investmentin or to United States government obligations or repurchase agreementsfully collateralized by such obligations, and in securities or obligationsof any state or its political subdivisions, including securities orobligations that are underwritten by the trustee or an affiliate of thetrustee or a syndicate in which the trustee or an affiliate of the trusteeis a member which meet the standards established by the division of financepursuant to subsection 5 of section 362.550, RSMo.