A. A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in:
(1) selecting an agent;
(2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and
(3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.
B. In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.
C. A trustee who complies with Subsection A of this section is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated.
D. By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.
History: Laws 2003, ch. 122, § 8-807.
Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
Structure 2021 New Mexico Statutes
Chapter 46A - Uniform Trust Code
Article 8 - Duties and Powers of Trustee
Section 46A-8-801 - Duty to administer trust.
Section 46A-8-802 - Duty of loyalty.
Section 46A-8-803 - Impartiality.
Section 46A-8-804 - Prudent administration.
Section 46A-8-805 - Costs of administration.
Section 46A-8-806 - Trustee's skills.
Section 46A-8-807 - Delegation by trustee.
Section 46A-8-809 - Control and protection of trust property.
Section 46A-8-810 - Recordkeeping and identification of trust property.
Section 46A-8-811 - Enforcement and defense of claims.
Section 46A-8-812 - Collecting trust property.
Section 46A-8-813 - Duty to inform and report.
Section 46A-8-814 - Discretionary powers; tax savings.
Section 46A-8-815 - General powers of trustee.