sec.82General powers in relation to trust property

sec.82 General powers in relation to trust property

A trustee has, in relation to the trust property, all the powers of an absolute owner of the property. See, however, part 5 in relation to the duties of a trustee in administering a trust. See also the Succession Act 1981 , section 49B in relation to particular limitations on a personal representative’s power to carry on a business. Without limiting subsection (1) , the powers conferred on a trustee under subsection (1) include the following powers— the power to sell the trust property; the power to lease the trust property or to renew, extend or vary a lease of the trust property; the power to mortgage the trust property or to renew, extend or vary a mortgage of the trust property; for trust property that is securities of a corporation—the power to deal with the securities; the power to settle a debt or claim in relation to the trust property; the power to insure the trust property against the loss of or damage to the trust property or any risk or liability relating to the trust property. A power conferred under subsection (1) , other than a power mentioned in subsection (2) (a) to (f) , may be excluded or modified by an express statement to that effect in the trust instrument. See, however, section 216 in relation to the exercise of particular powers under this section by a statutory trustee. (sec.82-ssec.1) A trustee has, in relation to the trust property, all the powers of an absolute owner of the property. See, however, part 5 in relation to the duties of a trustee in administering a trust. See also the Succession Act 1981 , section 49B in relation to particular limitations on a personal representative’s power to carry on a business. (sec.82-ssec.2) Without limiting subsection (1) , the powers conferred on a trustee under subsection (1) include the following powers— the power to sell the trust property; the power to lease the trust property or to renew, extend or vary a lease of the trust property; the power to mortgage the trust property or to renew, extend or vary a mortgage of the trust property; for trust property that is securities of a corporation—the power to deal with the securities; the power to settle a debt or claim in relation to the trust property; the power to insure the trust property against the loss of or damage to the trust property or any risk or liability relating to the trust property. (sec.82-ssec.3) A power conferred under subsection (1) , other than a power mentioned in subsection (2) (a) to (f) , may be excluded or modified by an express statement to that effect in the trust instrument.

• 1 See, however, part 5 in relation to the duties of a trustee in administering a trust.
• 2 See also the Succession Act 1981 , section 49B in relation to particular limitations on a personal representative’s power to carry on a business.
• (a) the power to sell the trust property;