A. A foreign corporate trustee is required to qualify as a foreign corporation doing business in New Mexico if it maintains the principal place of administration of any trust within the state. A foreign corporate cotrustee is not required to qualify in New Mexico solely because its cotrustee maintains the principal place of administration in New Mexico. Unless otherwise doing business in New Mexico, local qualification by a foreign trustee, corporate or individual, is not required in order for the trustee to receive distribution from a local estate or to hold, invest in, manage or acquire property located in this state, or maintain litigation.
B. Nothing in this section affects a determination of what other acts require qualification as doing business in New Mexico.
History: 1953 Comp., § 32A-7-105, enacted by Laws 1975, ch. 257, § 7-105.
Cross references. — For application for certificate of authority for foreign corporation to do business in state, see 53-17-5 NMSA 1978.
For transacting business without certificate of authority, see 53-17-20 NMSA 1978.
Law reviews. — For survey, "Article VII of the New Probate Code: In Pursuit of Uniform Trust Administration," see 6 N.M.L. Rev. 213 (1976).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 76 Am. Jur. 2d Trusts §§ 324, 329.
90 C.J.S. Trusts §§ 204 to 210.