A debt, liability or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power.
History: Laws 2016, ch. 72, § 1-127.
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.