Unless specifically limited by the declaration, a real estate trust has the power, exercisable in the trust name to:
A. have perpetual succession;
B. sue, be sued, complain and defend;
C. purchase, receive, lease or otherwise acquire, own, hold, improve, use and otherwise deal in and with any real or personal property or any interest therein, wherever situated;
D. sell, convey, mortgage, pledge, lease, exchange, transfer and otherwise dispose of all or any part of the trust estate;
E. purchase, receive, subscribe for, or otherwise acquire, own, hold, vote, use, employ, mortgage, lend, pledge, sell or otherwise dispose of, and otherwise use and deal in and with securities, shares, or other interests in, or obligations of, individuals, domestic or foreign corporations, associations, partnerships, other real estate trusts, direct or indirect obligations of the United States or of any other government, state, territory, government district or municipality, or of any instrumentality thereof;
F. issue units of beneficial ownership in the real estate trust in exchange for money, property or services; evidence the units by certificates; and to purchase, redeem or otherwise reacquire the units;
G. make contracts and incur liabilities, borrow money, issue its notes, bonds and other obligations, and secure any of its obligations by mortgage or pledge of all or any of the trust estate;
H. conduct its business, carry on its operations, and have offices and exercise the powers granted by the Real Estate Trust Act in any state, territory, district or possession of the United States, or in any foreign country;
I. make and amend bylaws, not inconsistent with its declaration or with the laws of this state, for the administration and regulation of the affairs of the real estate trust;
J. amend or restate its declaration in conformity with the Real Estate Trust Act by having the amendment or restatement signed by all of the trustees and acknowledged before a notary public, and by filing it for record with the clerk of the county in which the principal office of the real estate trust in this state is located;
K. appoint officers, agents and employees to administer the trust estate; and
L. take any action necessary or appropriate to exercise the powers granted to a real estate trust.
History: 1953 Comp., § 70-6-5, enacted by Laws 1973, ch. 390, § 5.
ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 61 Am. Jur. 2d Perpetuities §§ 71 to 74; 76 Am. Jur. 2d Trusts §§ 568, 569, 571, 595, 596.
Power of trustee and court as regards term of lease of trust property, 61 A.L.R. 1368, 67 A.L.R.2d 978.
Power of trustee and court as regards modification of lease of trust property, 93 A.L.R. 603.
Remedies in event of executor's or testamentary trustee's delay in exercise of power to sell real estate conferred by will, 132 A.L.R. 1473.
Implied power of executor or testamentary trustee to sell real property, 134 A.L.R. 378, 23 A.L.R.2d 1000.
Enforceability, as regards proceeds of sale of property, of real estate trust that does not satisfy statute of frauds, 154 A.L.R. 385.
Implied power of testamentary trustee to sell real estate, 23 A.L.R.2d 1000.
Power of trustee with power to sell or to lease real property, or to do both, to give an option to purchase, 83 A.L.R.2d 1310.
Validity and construction of trust provision authorizing trustee to purchase trust property, 39 A.L.R.3d 836.
89 C.J.S. Trusts § 90.