2021 New Mexico Statutes
Chapter 46A - Uniform Trust Code

Section 46A-3-302 - Representation by holder of general testamentary power of appointment. - To the extent there is no conflict of interest between...

Section 46A-3-303 - Representation by fiduciaries and parents. - To the extent there is no conflict of interest between...

Section 46A-3-304 - Representation by person having substantially identical interest. - Unless otherwise represented, a minor, incapacitated or unborn person, or...

Section 46A-3-305 - Appointment of representative. - A. If the court determines that an interest is not...

Article 4 - Creation, Validity, Modification and Termination of Trust

Section 46A-4-401 - Methods of creating trust. - A trust may be created by: A. transfer of property...

Section 46A-4-402 - Requirements for creation. - A. A trust is created only if: (1) the settlor...

Section 46A-4-403 - Trusts created in other jurisdictions. - A trust not created by will is validly created if...

Section 46A-4-404 - Trust purposes. - A trust may be created only to the extent its...

Section 46A-4-405 - Charitable purposes; enforcement. - A. A charitable trust may be created for the relief...

Section 46A-4-406 - Creation of trust induced by fraud, duress or undue influence. - A trust is void to the extent its creation was...

Section 46A-4-407 - Evidence of oral trust. - Except as required by a statute other than the Uniform...

Section 46A-4-408 - Trust for care of animal. - A. A trust may be created to provide for the...

Section 46A-4-409 - Noncharitable trust without ascertainable beneficiary. - Except as otherwise provided in Section 4-408 [46A-4-408 NMSA 1978]...

Section 46A-4-410 - Modification or termination of trust; proceedings for approval or disapproval. - A. In addition to the methods of termination prescribed by...

Section 46A-4-411 - Modification or termination of noncharitable irrevocable trust by consent. - A. A noncharitable irrevocable trust may be modified or terminated...

Section 46A-4-412 - Modification or termination because of unanticipated circumstances or inability to administer trust effectively. - A. The court may modify the administrative or dispositive terms...

Section 46A-4-413 - Cy pres. - A. Except as otherwise provided in Subsection B of this...

Section 46A-4-414 - Termination of uneconomic trust. - A. After notice to the qualified beneficiaries, the trustee of...

Section 46A-4-415 - Reformation to correct mistakes. - The court may reform the terms of a trust, even...

Section 46A-4-416 - Modification to achieve settlor's tax objectives. - To achieve the settlor's tax objectives, the court may modify...

Section 46A-4-417 - Combination and division of trusts. - After notice to the qualified beneficiaries, a trustee may combine...

Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts

Section 46A-5-501 - Rights of beneficiary's creditor or assignee. - To the extent a beneficiary's interest is not subject to...

Section 46A-5-502 - Spendthrift provision. - A. A spendthrift provision is valid only if it restrains...

Section 46A-5-503 - Exceptions to spendthrift provision. - A. As used in this section, "child" includes any person...

Section 46A-5-504 - Discretionary trusts; effect of standard. - A. As used in this section, "child" includes any person...

Section 46A-5-505 - Creditor's claim against settlor. - A. Whether or not the terms of a trust contain...

Section 46A-5-506 - Overdue distribution. - A. Whether or not a trust contains a spendthrift provision,...

Section 46A-5-507 - Personal obligations of trustee. - Trust property is not subject to personal obligations of the...

Article 6 - Revocable Trusts

Section 46A-6-601 - Capacity of settlor of revocable trust. - The capacity required to create, amend, revoke or add property...

Section 46A-6-602 - Revocation or amendment of revocable trust. - A. Unless the terms of a trust expressly provide that...

Section 46A-6-603 - Settlor's powers; powers of withdrawal. - A. While a trust is revocable, the trustee may follow...

Section 46A-6-604 - Limitation on action contesting validity of revocable trust; distribution of trust property. - A. A person may commence a judicial proceeding to contest...

Article 7 - Office of Trustee

Section 46A-7-701 - Accepting or declining trusteeship. - A. Except as otherwise provided in Subsection C of this...

Section 46A-7-702 - Trustee's bond. - A. A trustee shall give bond to secure performance of...

Section 46A-7-703 - Co-trustees. - A. Co-trustees who are unable to reach a unanimous decision...

Section 46A-7-704 - Vacancy in trusteeship; appointment of successor. - A. A vacancy in a trusteeship occurs if: (1) a...

Section 46A-7-705 - Resignation of trustee. - A. A trustee may resign: (1) upon at least thirty...

Section 46A-7-706 - Removal of trustee. - A. The settlor, a co-trustee or a beneficiary may request...

Section 46A-7-707 - Delivery of property by former trustee. - A. Unless a co-trustee remains in office or the court...

Section 46A-7-708 - Compensation of trustee. - A. If the terms of a trust do not specify...

Section 46A-7-709 - Reimbursement of expenses. - A. A trustee is entitled to be reimbursed out of...

Article 8 - Duties and Powers of Trustee

Section 46A-8-801 - Duty to administer trust. - Upon acceptance of a trusteeship, the trustee shall administer the...

Section 46A-8-802 - Duty of loyalty. - A. A trustee shall administer the trust solely in the...

Section 46A-8-803 - Impartiality. - If a trust has two or more beneficiaries, the trustee...

Section 46A-8-804 - Prudent administration. - A trustee shall administer the trust as a prudent person...

Section 46A-8-805 - Costs of administration. - In administering a trust, the trustee may incur only costs...

Section 46A-8-806 - Trustee's skills. - A trustee who has special skills or expertise, or is...

Section 46A-8-807 - Delegation by trustee. - A. A trustee may delegate duties and powers that a...

Section 46A-8-808 - Repealed. - History: Laws 2003, ch. 122, § 8-808; repealed by Laws...

Section 46A-8-809 - Control and protection of trust property. - A trustee shall take reasonable steps to take control of...

Section 46A-8-810 - Recordkeeping and identification of trust property. - A. A trustee shall keep adequate records of the administration...

Section 46A-8-811 - Enforcement and defense of claims. - A trustee shall take reasonable steps to enforce claims of...

Section 46A-8-812 - Collecting trust property. - A trustee shall take reasonable steps to compel a former...

Section 46A-8-813 - Duty to inform and report. - A. A trustee shall keep the qualified beneficiaries of the...

Section 46A-8-814 - Discretionary powers; tax savings. - A. Notwithstanding the breadth of discretion granted to a trustee...

Section 46A-8-815 - General powers of trustee. - A. A trustee, without authorization by the court, may exercise:...

Section 46A-8-816 - Specific powers of trustee. - Without limiting the authority conferred by Section 8-815 [46A-8-815 NMSA...

Section 46A-8-817 - Distribution upon termination. - A. Upon termination or partial termination of a trust, the...

Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees

Section 46A-10-1001 - Breach of trust. - A. A violation by a trustee of a duty the...

Section 46A-10-1002 - Damages for breach of trust. - A. A trustee who commits a breach of trust is...

Section 46A-10-1003 - Damages in absence of breach. - A. A trustee is accountable to an affected beneficiary for...

Section 46A-10-1004 - Attorney fees and costs. - In a judicial proceeding involving the administration of a trust,...

Section 46A-10-1005 - Limitation of action against trustee. - A. A beneficiary shall not commence a proceeding against a...

Section 46A-10-1006 - Reliance on trust instrument. - A trustee who acts in reasonable reliance on the terms...

Section 46A-10-1007 - Event affecting administration or distribution. - If the happening of an event, including marriage, divorce, performance...

Section 46A-10-1008 - Exculpation of trustee. - A. A term of a trust relieving a trustee of...

Section 46A-10-1009 - Beneficiary's consent, release or ratification. - A trustee is not liable to a beneficiary for breach...

Section 46A-10-1010 - Limitation on personal liability of trustee. - A. Except as otherwise provided in the contract, a trustee...

Section 46A-10-1011 - Interest as general partner. - A. Except as otherwise provided in Subsection C of this...

Section 46A-10-1012 - Protection of person dealing with trustee. - A. A person other than a beneficiary who in good...

Section 46A-10-1013 - Certification of trust. - A. Instead of furnishing a copy of the trust instrument...

Article 11 - Miscellaneous Provisions

Section 46A-11-1101 - Uniformity of application and construction. - In applying and construing the Uniform Trust Code [46A-1-101 NMSA...

Section 46A-11-1102 - Electronic records and signatures. - The provisions of the Uniform Trust Code [46A-1-101 to 46A-11-1104...

Section 46A-11-1103 - Severability. - If any provision of the Uniform Trust Code [46A-1-101 NMSA...

Section 46A-11-1104 - Application to existing relationships. - A. Except as otherwise provided in the Uniform Trust Code...

Section 46A-11-1105 - Application to existing relationships. - A. Except as otherwise provided in this 2007 act: (1)...

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2021 New Mexico Statutes Chapter 46A - Uniform Trust Code

2021 New Mexico Statutes
Chapter 46A - Uniform Trust Code