An exercise of the decanting power shall be made in a record signed by an authorized fiduciary. The signed record shall, directly or by reference to the notice required by Section 1-107 [46-12-107 NMA 1978] of the Uniform Trust Decanting Act, identify the first trust and the second trust or trusts and state the property of the first trust being distributed to each second trust and the property, if any, that remains in the first trust.
History: Laws 2016, ch. 72, § 1-110.
Effective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
Structure New Mexico Statutes
Chapter 46 - Fiduciaries and Trusts
Article 12 - Uniform Trust Decanting
Section 46-12-101 - Short title.
Section 46-12-102 - Definitions.
Section 46-12-104 - Fiduciary duty.
Section 46-12-105 - Application; governing law.
Section 46-12-106 - Reasonable reliance.
Section 46-12-107 - Notice; exercise of decanting power.
Section 46-12-108 - Representation.
Section 46-12-109 - Court involvement.
Section 46-12-110 - Formalities.
Section 46-12-111 - Decanting power under expanded distributive discretion.
Section 46-12-112 - Decanting power under limited distributive discretion.
Section 46-12-113 - Trust for beneficiary with disability.
Section 46-12-114 - Protection of charitable interest.
Section 46-12-115 - Trust limitation on decanting.
Section 46-12-116 - Change in compensation.
Section 46-12-117 - Relief from liability and indemnification.
Section 46-12-118 - Removal or replacement of authorized fiduciary.
Section 46-12-119 - Tax-related limitations.
Section 46-12-120 - Duration of second trust.
Section 46-12-121 - Need to distribute not required.
Section 46-12-122 - Saving provision.
Section 46-12-123 - Trust for care of animal.
Section 46-12-124 - Terms of second trust.
Section 46-12-126 - Later-discovered property.
Section 46-12-127 - Obligations.
Section 46-12-128 - Uniformity of application and construction.
Section 46-12-129 - Relation to Electronic Signatures in Global and National Commerce Act.