P.R. Laws tit. 32, § 3352q
With regards to the administration of the trust, the trustee shall also represent the trust and have the power to:
(a) Accept additions to the trust property;
(b) continue the business or other enterprise and incorporate, dissolve, or otherwise changing the form of business organization;
(c) make final and binding decisions regarding what constitutes trust principal and what constitutes trust income;
(d) invest and reinvest the trust money, while ensuring to reduce risk through investment diversification, unless it is not prudent under the circumstances; deposit trust money in any bank, even when the bank selected is operated by the trustee;
(e) administer, develop, improve, exchange, partition, or modify any property of the trust or disclaim any interest therein; make any necessary ordinary or extraordinary improvements in and repairs to the buildings held under the trust, or demolish improvements, and erect new structures or make new improvements;
(f) insure the property of the trust against damage or loss, and insures the trustee against liability from third parties.
(g) enter into leasing contracts, even though these may extend beyond the duration of the trust;
(h) take loans to be paid with the assets of the trust or otherwise; advance his own money for the protection of the trust and to pay for expenses, losses, and liabilities incurred in the administration of the trust, which advance plus the interest thereon shall give rise to a lien against the trust property for which the beneficiary shall be chargeable; credit receipts or charge expenditures to income or principal in accordance with the law; charge the trust for his compensation or expense reimbursements in accordance with §§ 3352v and 3352w of this title;
(i) pay or contest any claim, settle a claim by and against the trust through arbitration, mediation, or otherwise; release, in whole or in part, a claim belonging to the trust, insofar as such claim is uncollectible or has been satisfied, and to pay taxes of any kind;
(j) contract with attorneys, accountants, investment advisors and agents, even when the same are somehow associated to the trustee to provide the trustee with advice and assistance in the discharge of administrative duties and to hire agents to carry out administrative duties rather than acting personally;
(k) prosecute or defend an action, claim, or judicial proceeding to protect the trust and trust property and the trustee and the trustee’s property in the performance of the trustee’s duties; and
(l) sign and deliver instruments as necessary or convenient in the performance of the trustee’s duties.
History —Aug. 31, 2012, No. 219, § 24.