(1) A trustee, without authorization by the court, may exercise powers conferred by the terms of the trust and, except as limited by the terms of the trust:

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(a) All powers over the trust property that an unmarried financially capable owner has over individually owned property;

(b) Any other powers appropriate to achieve the proper investment, management and distribution of the trust property; and

(c) Any other powers conferred by this chapter.

(2) The exercise of a power is subject to the fiduciary duties prescribed by ORS § 130.650 to 130.730. [2005 c.348 § 74]