New Mexico Statutes
Chapter 46 - Fiduciaries and Trusts
Article 3A - Uniform Principal and Income

Article 1 - DEFINITIONS AND FIDUCIARY DUTIES

Section 46-3A-101 - Short title. - Chapter 46, Article 3A NMSA 1978 may be cited as...

Section 46-3A-102 - Definitions. - As used in the Uniform Principal and Income Act: A....

Section 46-3A-103 - Fiduciary duties; general principles. - (a) In allocating receipts and disbursements to or between principal...

Section 46-3A-104 - Trustee's power to adjust. - (a) A trustee may adjust between principal and income to...

Section 46-3A-105 - Conversion to total return trust. - A. Unless expressly prohibited by the governing instrument, a trustee...

Section 46-3A-106 - Administration of total return trust. - A. During the period that a trust is a total...

Section 46-3A-107 - Determination of matters in administration. - A. The trustee may determine any of the following matters...

Section 46-3A-108 - Distribution of total return trust. - A. Expenses, taxes and other charges that would otherwise be...

Section 46-3A-109 - Restrictions on distributions. - A. The distribution amount may not be less than the...

Section 46-3A-110 - Limitations on conversion. - If a trustee is also a beneficiary of the trust...

Section 46-3A-111 - Release. - A trustee may irrevocably release the power granted by the...

Section 46-3A-112 - Remedies. - A. A trustee who reasonably and in good faith takes...

Section 46-3A-113 - Applicability. - A. Sections 46-3A-105 through 46-3A-113 NMSA 1978 shall apply to...

Article 2 - DECEDENT'S ESTATE OR

Section 46-3A-201 - Determination and distribution of net income. - After a decedent dies, in the case of an estate...

Section 46-3A-202 - Distribution to residuary and remainder beneficiaries. - (a) Each beneficiary described in Section 201(4) [46-3A-201 NMSA 1978]...

Article 3 - APPORTIONMENT AT BEGINNING

Section 46-3A-301 - When right to income begins and ends. - (a) An income beneficiary is entitled to net income from...

Section 46-3A-302 - Apportionment of receipts and disbursements when decedent dies or income interest begins. - (a) A trustee shall allocate an income receipt or disbursement...

Section 46-3A-303 - Apportionment when income interest ends. - (a) In this section, "undistributed income" means net income received...

Article 4 - ALLOCATION OF RECEIPTS

Part 1 - RECEIPTS FROM ENTITIES

Section 46-3A-401 - Character of receipts. - (a) As used in this section, "entity" means a corporation,...

Section 46-3A-402 - Distribution from trust or estate. - A trustee shall allocate to income an amount received as...

Section 46-3A-403 - Business and other activities conducted by trustee. - (a) If a trustee who conducts a business or other...

Part 2 - RECEIPTS NOT NORMALLY APPORTIONED

Section 46-3A-404 - Principal receipts. - A trustee shall allocate to principal: (1) to the extent...

Section 46-3A-405 - Rental property. - To the extent that a trustee accounts for receipts from...

Section 46-3A-406 - Obligation to pay money. - (a) An amount received as interest, whether determined at a...

Section 46-3A-407 - Insurance policies and similar contracts. - (a) Except as otherwise provided in Subsection (b), a trustee...

Part 3 - RECEIPTS NORMALLY APPORTIONED

Section 46-3A-408 - Insubstantial allocations not required. - If a trustee determines that an allocation between principal and...

Section 46-3A-409 - Deferred compensation, annuities and similar payments. - A. As used in this section: (1) "payment" means a...

Section 46-3A-410 - Liquidating asset. - (a) As used in this section, "liquidating asset" means an...

Section 46-3A-411 - Minerals, water and other natural resources. - (a) To the extent that a trustee accounts for receipts...

Section 46-3A-412 - Timber. - (a) To the extent that a trustee accounts for receipts...

Section 46-3A-413 - Property not productive of income. - (a) If a marital deduction is allowed for all or...

Section 46-3A-414 - Derivatives and options. - (a) As used in this section, "derivative" means a contract...

Section 46-3A-415 - Asset-backed securities. - (a) As used in this section, "asset-backed security" means an...

Article 5 - ALLOCATION OF DISBURSEMENTS

Section 46-3A-501 - Disbursements from income. - A trustee shall make the following disbursements from income to...

Section 46-3A-502 - Disbursements from principal. - (a) A trustee shall make the following disbursements from principal:...

Section 46-3A-503 - Transfers from income to principal for depreciation. - (a) As used in this section, "depreciation" means a reduction...

Section 46-3A-504 - Transfers from income to reimburse principal. - (a) If a trustee makes or expects to make a...

Section 46-3A-505 - Income taxes. - A. A tax required to be paid by a trustee...

Section 46-3A-506 - Adjustments between principal and income because of taxes. - (a) A fiduciary may make adjustments between principal and income...

Article 6 - MISCELLANEOUS PROVISIONS

Section 46-3A-601 - Uniformity of application and construction. - In applying and construing the Uniform Principal and Income Act,...

Section 46-3A-602 - Severability clause. - If any provision of the Uniform Principal and Income Act...

Section 46-3A-603 - Application of the Uniform Principal and Income Act to existing trusts and estates. - The Uniform Principal and Income Act applies to every trust...