A. Unless otherwise directed by an instrument designating a custodial trustee pursuant to Section 45-7-504 NMSA 1978, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court.
B. A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
History: 1978 Comp., § 45-7-506, enacted by Laws 1992, ch. 66, § 53.
Structure New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 7 - Trust Administration
Section 45-7-501 - Short title.
Section 45-7-502 - Definitions.
Section 45-7-503 - Custodial trust; general.
Section 45-7-504 - Custodial trustee for future payment or transfer.
Section 45-7-505 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
Section 45-7-506 - Transfer to custodial trustee by fiduciary or obligor; facility of payment.
Section 45-7-507 - Multiple beneficiaries; separate custodial trusts; survivorship.
Section 45-7-508 - General duties of custodial trustee.
Section 45-7-509 - General powers of custodial trustee.
Section 45-7-510 - Use of custodial trust property.
Section 45-7-511 - Determination of incapacity; effect.
Section 45-7-512 - Exemption of third person from liability.
Section 45-7-513 - Liability to third person.
Section 45-7-515 - Expenses, compensation and bond of custodial trustee.
Section 45-7-517 - Limitations of action against custodial trustee.
Section 45-7-518 - Distribution on termination.
Section 45-7-519 - Methods and forms for creating custodial trusts.
Section 45-7-520 - Applicable law.
Section 45-7-521 - Uniformity of application and construction.