Specific Powers of a Trustee in Arizona

14-10816. Specific powers of trustee Without limiting the authority conferred by section 14-10815, a trustee may: 1. Collect trust property and accept or reject additions to the trust property from a settlor or any other person. 2. Acquire or sell property, for cash or on credit, at public or private sale. 3. Exchange, partition or otherwise change the character of trust property. 4. Deposit trust money in an account in a regulated financial service institution. 5. Borrow money, with or without security, and mortgage or pledge trust property for a period within or extending beyond the duration of the trust. 6. 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. 7. With respect to stocks or other securities, exercise the rights of an absolute owner. 8. 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. 9. Enter into a lease for any purpose as lessor or lessee. 10. Grant an option involving a sale, lease or other disposition of trust property or acquire an option for the acquisition of property. 11. 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. 12. Abandon or decline to administer property of no value or of insufficient value to justify its collection or continued administration. 13. With respect to possible liability for violation of environmental law: inspect, take action to prevent or remedy violations, decline to accept burdened property, compromise claims, and pay related expenses. 14. Pay or contest any claim, settle a claim by or against the trust and release in whole or in part a claim belonging to the trust. 15. 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. 16. Exercise elections with respect to federal, state and local taxes. 17. Select a mode of payment under any employee benefit or retirement plan, annuity or life insurance payable to the trustee. 18. Make loans out of trust property, including loans to a beneficiary on terms and conditions the trustee considers to be fair and reasonable under the circumstances. 19. Pledge trust property to guarantee loans made by others to the beneficiary. 20. Appoint a trustee to act in another jurisdiction with respect to trust property located in the other jurisdiction. 21. Pay an amount distributable to 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.