(1) Without limiting the authority
conferred by section 15-5-815, and in addition to the powers conferred pursuant to
the Colorado Fiduciaries' Powers Act, part 8 of article 1 of this title 15, a trustee
may:
(a) Collect trust property and accept or reject additions to the trust property
from a settlor or any other person;
(b) Acquire or sell property, for cash or on credit, at public or private sale;
(c) Exchange, partition, or otherwise change the character of trust property;
(d) Deposit trust money in an account in a regulated financial service
institution;
(e) Borrow money, with or without security, and mortgage or pledge trust
property for a period within or extending beyond the duration of the trust;
(f) With respect to an interest in a proprietorship, partnership, limited liability
company, business trust, corporation, or other form of business or enterprise,
continue the business or other enterprise and take any action that may be taken by
shareholders, members, or property owners, including merging, dissolving, or
otherwise changing the form of business organization or contributing additional
capital;
(g) With respect to stocks or other securities, exercise the rights of an
absolute power, including the right to:
(I) Vote or give proxies to vote, with or without power of substitution, or enter
into or continue a voting trust agreement;
(II) Hold a security in the name of a nominee or in other form without
disclosure of the trust so that title may pass by delivery;
(III) Pay calls, assessments, and other sums chargeable or accruing against
the securities, and sell or exercise stock subscription or conversion rights; and
(IV) Deposit the securities with a depositary or other regulated financial
service institution;
(h) With respect to an interest in real property, construct, or make ordinary or
extraordinary repairs to, alterations to, or improvements in, buildings or other
structures; demolish improvements; raze existing or erect new party walls or
buildings; subdivide or develop land; dedicate land to public use or grant public or
private easements; and make or vacate plats and adjust boundaries;
(i) Enter into a lease for any purpose as lessor or lessee, including a lease or
other arrangement for exploration and removal of natural resources, with or
without the option to purchase or renew, for a period within or extending beyond
the duration of the trust;
(j) Grant an option involving a sale, lease, or other disposition of trust
property or acquire an option for the acquisition of property, including an option
exercisable beyond the duration of the trust, and exercise an option so acquired;
(k) Insure the property of the trust against damage or loss and insure the
trustee, the trustee's agents, and beneficiaries against liability arising from the
administration of the trust;
(l) Abandon or decline to administer property of no value or insufficient value
to justify its collection or continued administration;
(m) With respect to possible liability for violation of environmental law:
(I) Inspect or investigate property the trustee holds or has been asked to
hold, or property owned or operated by an organization in which the trustee holds or
has been asked to hold an interest, for the purpose of determining the application
of environmental law with respect to the property;
(II) Take action to prevent, abate, or otherwise remedy any actual or potential
violation of any environmental law affecting property held directly or indirectly by
the trustee, whether taken before or after the assertion of a claim or the initiation of
government enforcement;
(III) Decline to accept property into trust or disclaim any power with respect
to property that is or may be burdened with liability for violation of environmental
law;
(IV) Compromise claims against the trust that may be asserted for an alleged
violation of environmental law; and
(V) Pay the expense of any inspection, review, abatement, or remedial action
to comply with environmental law;
(n) Pay or contest any claim, settle a claim by or against the trust, and
release, in whole in or in part, a claim belonging to the trust;
(o) Pay taxes, assessments, compensation of the trustee and of employees
and agents of the trust, and other expenses incurred in the administration of the
trust;
(p) Exercise elections with respect to federal, state, and local taxes;
(q) Select a mode of payment under any employee benefit or retirement
plan, annuity, or life insurance payable to the trustee, exercise rights thereunder,
including exercise of the right to indemnification for expenses and against
liabilities, and take appropriate action to collect the proceeds;
(r) (Reserved)
(s) (Reserved)
(t) Appoint a trustee to act in another jurisdiction with respect to trust
property located in the other jurisdiction, confer upon the appointed trustee all of
the powers and duties of the appointing trustee, require that the appointed trustee
furnish security, and remove any trustee so appointed;
(u) Pay an amount distributable to a beneficiary by paying it directly to the
beneficiary or applying it for the beneficiary's benefit and, in the case of a
beneficiary who is under a legal disability or who the trustee reasonably believes is
incapacitated, by paying it directly to the beneficiary or applying it for the
beneficiary's benefit or by:
(I) Paying it to the beneficiary's conservator or, if the beneficiary does not
have a conservator, the beneficiary's guardian;
(II) Paying it to the beneficiary's custodian pursuant to the Colorado
Uniform Transfers to Minors Act, article 50 of title 11, or custodial trustee pursuant
to the Colorado Uniform Custodial Trust Act, article 1.5 of this title 15, and for that
purpose, creating a custodianship of custodial trust;
(III) If the trustee does not know of a conservator, guardian, custodian, or
custodial trustee, paying it to an adult relative or other person having legal or
physical care or custody of the beneficiary, to be expended on the beneficiary's
behalf; or
(IV) Managing it as a separate fund on the beneficiary's behalf, subject to the
beneficiary's continuing right to withdraw the distribution;
(v) On distribution of trust property or the division or termination of a trust,
make distributions in divided or undivided interests, allocate particular assets in
proportionate or disproportionate shares, value the trust property for those
purposes, and adjust for resulting differences in valuation;
(w) Resolve a dispute concerning the interpretation of the trust or its
administration by mediation, arbitration, or other procedure for alternate dispute
resolution;
(x) Prosecute or defend an action, claim, or judicial proceeding in any
jurisdiction to protect trust property and the trustee in the performance of the
trustee's duties;
(y) Sign and deliver contracts and other instruments that are useful to
achieve or facilitate the exercise of the trustee's powers; and
(z) On termination of the trust, exercise the powers appropriate to wind up
the administration of the trust and distribute the trust property to the persons
entitled to it.