§ 11-1.1 Fiduciaries' powers\n (a) As used in this section, unless the context or subject matter\notherwise requires, (1) the term "estate" means the estate of a\ndecedent; (2) the term "trust" means any express trust of property,\ncreated by a will, deed or other instrument, whereby there is imposed\nupon a trustee the duty to administer property for the benefit of a\nnamed or otherwise described income or principal beneficiary, or both. A\ntrust shall not include trusts for the benefit of creditors, resulting\nor constructive trusts, business trusts where certificates of beneficial\ninterest are issued to the beneficiary, investment trusts, voting\ntrusts, security instruments such as deeds of trust and mortgages,\ntrusts created by the judgment or decree of a court, liquidation or\nreorganization trusts, trusts for the sole purpose of paying dividends,\ninterest, interest coupons, salaries, wages, pensions or profits,\ninstruments wherein persons are mere nominees for others, or trusts\ncreated in deposits in any banking institution or savings and loan\ninstitution; (3) the term "fiduciary" means administrators, executors,\npreliminary executors, administrators d.b.n., administrators\nc.t.a.d.b.n., administrators c.t.a., ancillary executors, ancillary\nadministrators, ancillary administrators c.t.a and trustees of express\ntrusts, including a corporate as well as a natural person acting as\nfiduciary, and a successor or substitute fiduciary, whether designated\nin a trust instrument or otherwise.\n (b) In the absence of contrary or limiting provisions in the court\norder or decree appointing a fiduciary, or in a subsequent order or\ndecree, or in the will, deed or other instrument, every fiduciary is\nauthorized:\n (1) To accept additions to any estate or trust from sources other than\nthe estate of the decedent or the settlor of a trust.\n (2) To acquire the remaining undivided interest in the property of an\nestate or trust in which the fiduciary, in his fiduciary capacity, holds\nan undivided interest.\n (3) To invest and reinvest property of the estate or trust under the\nprovisions of the will, deed or other instrument or as otherwise\nprovided by law.\n (4) To effect and keep in force fire, rent, title, liability, casualty\nor other insurance to protect the property of the estate or trust and to\nprotect the fiduciary.\n (5) With respect to any property or any estate therein owned by an\nestate or trust, except where such property or any estate therein is\nspecifically disposed of:\n (A) To take possession of, collect the rents from and manage the same.\n (B) To sell the same at public or private sale, and on such terms as\nin the opinion of the fiduciary will be most advantageous to those\ninterested therein.\n (C) With respect to fiduciaries other than a trustee, to lease the\nsame for a term not exceeding three years and, in the case of a trustee,\nto lease the same for a term not exceeding ten years although such term\nextends beyond the duration of the trust and, in either of such cases,\nincluding the right to explore for and remove mineral or other natural\nresources, and in connection with mineral leases to enter into pooling\nand unitization agreements.\n (D) To mortgage the same.\n (E) Any power to take possession of, collect the rent from, manage,\nsell, lease or mortgage, granted by this subparagraph (5), which is\nprohibited by the terms of the will, deed or other instrument or by the\nprovisions of this subparagraph (5), nonetheless exists, upon the\napproval of the surrogate, where such power is necessary for the\npurposes set forth in SCPA 1902.\n (F) A fiduciary acting under a will may exercise all of the powers\ngranted by this subparagraph (5) notwithstanding the effect upon such\nwill of the birth of a child after its execution or of any election by a\nsurviving spouse.\n (6) To make ordinary repairs to the property of the estate or trust.\n (7) To grant options for the sale of prope
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