Except as otherwise provided in Section 4-408 [46A-4-408 NMSA 1978] of the Uniform Trust Code or by another statute, the following rules apply:
A. a trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may not be enforced for more than twenty-one years;
B. a trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court; and
C. property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor's successors in interest.
History: Laws 2003, ch. 122, § 4-409.
Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
Structure 2021 New Mexico Statutes
Chapter 46A - Uniform Trust Code
Article 4 - Creation, Validity, Modification and Termination of Trust
Section 46A-4-401 - Methods of creating trust.
Section 46A-4-402 - Requirements for creation.
Section 46A-4-403 - Trusts created in other jurisdictions.
Section 46A-4-404 - Trust purposes.
Section 46A-4-405 - Charitable purposes; enforcement.
Section 46A-4-406 - Creation of trust induced by fraud, duress or undue influence.
Section 46A-4-407 - Evidence of oral trust.
Section 46A-4-408 - Trust for care of animal.
Section 46A-4-409 - Noncharitable trust without ascertainable beneficiary.
Section 46A-4-410 - Modification or termination of trust; proceedings for approval or disapproval.
Section 46A-4-411 - Modification or termination of noncharitable irrevocable trust by consent.
Section 46A-4-414 - Termination of uneconomic trust.
Section 46A-4-415 - Reformation to correct mistakes.
Section 46A-4-416 - Modification to achieve settlor's tax objectives.