New Mexico Statutes
Part 5 - Custodial Trusts
Section 45-7-520 - Applicable law.

A. The Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] applies to a transfer or declaration creating a custodial trust that refers to that act if, at the time of the transfer or declaration, the transferor, beneficiary or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this state. The custodial trust remains subject to that act despite a later change in residence or principal place of business of the transferor, beneficiary or custodial trustee, or removal of the custodial trust property from this state.
B. A transfer made pursuant to an act of another state substantially similar to the Uniform Custodial Trust Act is governed by the law of that state and may be enforced in this state.
History: 1978 Comp., § 45-7-520, enacted by Laws 1992, ch. 66, § 67.

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.