Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters:
A. acceptance under Section 46A-7-701 NMSA 1978;
B. giving of bond to secure performance under Section 46A-7-702 NMSA 1978;
C. reasonable compensation under Section 46A-7-708 NMSA 1978;
D. resignation under Section 46A-7-705 NMSA 1978;
E. removal under Section 46A-7-706 NMSA 1978; and
F. vacancy and appointment of successor under Section 46A-7-704 NMSA 1978.
History: Laws 2018, ch. 63, § 16.
Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 16 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.