Wisconsin Statutes 701.0815 – General powers of trustee
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Terms Used In Wisconsin Statutes 701.0815
- Fiduciary: A trustee, executor, or administrator.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes real and personal property. See Wisconsin Statutes 990.01
- Trustee: A person or institution holding and administering property in trust.
(1) A trustee, without authorization by the court, may exercise the following powers:
(a) Powers conferred by the terms of the trust.
(b) Except as limited by the terms of the trust, all of the following powers:
1. All powers over the trust property that an unmarried, competent owner has over individually owned property.
2. Any other powers appropriate to achieve the proper investment, management, and distribution of the trust property.
3. Any other powers conferred by this chapter.
(2) The exercise of a power is subject to the fiduciary duties prescribed by this chapter.
(3) A trustee has no power to give warranties in a sale, mortgage, or lease that are binding on the trustee personally.