New Mexico Statutes
Part 5 - Custodial Trusts
Section 45-7-517 - Limitations of action against custodial trustee.

A. Except as provided in Subsection C of this section, unless previously barred by adjudication, consent or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered or the legal representative of an incapacitated or deceased beneficiary or payee:
(1) who has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two years after receipt of the final account or statement; or
(2) who has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three years after the termination of the custodial trust.
B. Except as provided in Subsection C of this section, a claim for relief to recover from a custodial trustee for fraud, misrepresentation or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust, is barred unless an action or proceeding to assert the claim is commenced within five years after the termination of the custodial trust.
C. A claim for relief is not barred by this section if the claimant:
(1) is a minor, until the earlier of two years after the claimant becomes an adult or dies;
(2) is an incapacitated adult, until the earliest of two years after:
(a) the appointment of a conservator;
(b) the removal of the incapacity; or
(c) the death of the claimant; or
(3) was an adult, now deceased, who was not incapacitated, until two years after the claimant's death.
History: 1978 Comp., § 45-7-517, enacted by Laws 1992, ch. 66, § 64.

Structure New Mexico Statutes

New Mexico Statutes

Chapter 45 - Uniform Probate Code

Article 7 - Trust Administration

Part 5 - Custodial Trusts

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 45-7-514 - Declination, resignation, incapacity, death or removal of custodial trustee; designation of successor custodial trustee.

Section 45-7-515 - Expenses, compensation and bond of custodial trustee.

Section 45-7-516 - Reporting and accounting by custodial trustee; determination of liability 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.

Section 45-7-522 - Severability.