The terms of a trust may relieve a cotrustee [co-trustee] from duty and liability with respect to another cotrustee's [co-trustee's] exercise or nonexercise of a power of the other cotrustee [co-trustee] to the same extent that, in a directed trust, a directed trustee is relieved from duty and liability with respect to a trust director's power of direction under Sections 9 through 11 [46-14-9 to 46-14-11 NMSA 1978] of the Uniform Directed Trust Act.
History: Laws 2018, ch. 63, § 12.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 12 effective January 1, 2019.
Structure New Mexico Statutes
Chapter 46 - Fiduciaries and Trusts
Article 14 - Uniform Directed Trust
Section 46-14-1 - Short title.
Section 46-14-2 - Definitions.
Section 46-14-3 - Application; principal place of administration.
Section 46-14-4 - Common law and principles of equity.
Section 46-14-6 - Powers of trust director.
Section 46-14-7 - Limitations on trust director.
Section 46-14-8 - Duty and liability of trust director.
Section 46-14-9 - Duty and liability of directed trustee.
Section 46-14-10 - Duty to provide information to trust director or trustee.
Section 46-14-11 - No duty to monitor, inform or advise.
Section 46-14-12 - Application to cotrustee [co-trustee].
Section 46-14-13 - Limitation of action against trust director.
Section 46-14-14 - Defenses in action against trust director.
Section 46-14-15 - Jurisdiction over trust director.
Section 46-14-16 - Office of trust director.
Section 46-14-17 - Uniformity of application and construction.
Section 46-14-18 - Relation to Electronic Signatures in Global and National Commerce Act.