MARVIN MANDEL, Governor                                  225

(b), (c), (d) , (g) , and (h) are derived from
Art. 37A, §14. The definition in subsection
(i) is derived from Art. 16, §198(A); it is
used because it is broader in scope than the
definition in Art. 37A, §14(c).

15-102. POWERS OF A FIDUCIARY.
(A) DEFINITION.

AS USED IN THIS SECTION, 15-102, "FIDUCIARY" MEANS
ONLY A TRUSTEE ACTING UNDER A DEED, WILL, DECLARATION OF
TRUST OR OTHER INSTRUMENT IN THE NATURE OF A TRUST OR
APPOINTED BY A COURT, A [[CUSTODIAN,] ] COMMITTEE OR
GUARDIAN OF THE PROPERTY OF A MINOR OR A DISABLED PERSON,
WHETHER THE TRUST OR ESTATE BE CREATED OR THE APPOINTMENT
MADE PRIOR OR SUBSEQUENT TO THE EFFECTIVE DATE OF THIS
SUBTITLE. "FIDUCIARY" DOES NOT INCLUDE A RECEIVER,
TRUSTEE OF A TRUST FOR THE BENEFIT OF CREDITORS,
EXECUTOR, ADMINISTRATOR, OR PERSONAL REPRESENTATIVE.

(B) IN GENERAL.

A FIDUCIARY MAY PERFORM THE FUNCTIONS AND DUTIES
ENUMERATED IN THIS SECTION WITHOUT APPLICATION TO,
APPROVAL OF, OR RATIFICATION BY A COURT. THESE POWERS
ARE IN ADDITION TO THOSE DERIVED FROM COMMON LAW [[OR]],
[[STATUE]] STATUTE, [[.]] OR THE GOVERNING INSTRUMENT.
[[THEY]] THE POWERS LISTED IN THIS SECTION MAY BE
EXTENDED OR LIMITED BY THE APPROPRIATE COURT, AND THE

COURT MAY ALSO ELIMINATE ANY LIMITATION IMPOSED BY A

COURT ON A FIDUCIARY.

(C) PROPERTY.

HE MAY INVEST IN, SELL, MORTGAGE, EXCHANGE, OR LEASE
ANY PROPERTY, REAL OR PERSONAL.

(D) BORROW MONEY.

HE MAY BORROW MONEY FOR THE PURPOSE OF PROTECTING
PROPERTY AND PLEDGE PROPERTY AS SECURITY FOR THE LOAN.

(E)   COMPROMISE DEBT.

HE MAY EFFECT A FAIR AND REASONABLE COMPROMISE WITH
ANY DEBTOR, OBLIGOR, CREDITOR OR OBLIGEE, OR EXTEND OR
RENEW ANY OBLIGATION BY OR TO THE FIDUCIARY ESTATE.

(F)   RETAIN ASSETS.

HE MAY RETAIN ASSETS OWNED BY THE MINOR OR DISABLED
PERSON, IN THE CASE OF A GUARDIAN, OR OWNED BY THE
DECEDENT OR THE GRANTOR, IN THE CASE OF A TRUSTEE OR