A. A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
B. The court may specify the amount of a bond, its liabilities and whether sureties are necessary. The court may modify or terminate a bond at any time.
C. A regulated financial service institution qualified to do trust business in New Mexico need not give bond, even if required by the terms of the trust.
History: Laws 2003, ch. 122, § 7-702; 2007, ch. 128, § 19.
The 2007 amendment, effective July 1, 2007, added Subsection C.
Structure 2021 New Mexico Statutes
Chapter 46A - Uniform Trust Code
Section 46A-7-701 - Accepting or declining trusteeship.
Section 46A-7-702 - Trustee's bond.
Section 46A-7-703 - Co-trustees.
Section 46A-7-704 - Vacancy in trusteeship; appointment of successor.
Section 46A-7-705 - Resignation of trustee.
Section 46A-7-706 - Removal of trustee.
Section 46A-7-707 - Delivery of property by former trustee.