3.__Cotrustees; special fiduciary.__A power whose exercise is limited or prohibited by subsection 2 may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited.__If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power.

4.__Exceptions.__Subsection 2 does not apply to:

A.__A power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in the federal Internal Revenue Code of 1986, Section 2056(b)(5) or 2523(e), as in effect on July 1, 2005, or as later amended, was previously allowed;

B.__Any trust during any period that the trust may be revoked or amended by its settlor; or

C.__A trust if contributions to the trust qualify for the annual exclusion under the federal Internal Revenue Code of 1986, Section 2503(c) as in effect on July 1, 2005, or as later amended.

§815.__General powers of trustee

1.__General powers.__A trustee, without authorization by the court, may exercise:

A.__Powers conferred by the terms of the trust; and

B.__Except as limited by the terms of the trust:

(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; and

(3)__Any other powers conferred by this Code.

2.__Subject to fiduciary duties.__The exercise of a power is subject to the fiduciary duties prescribed by this chapter.

§816.__Specific powers of trustee