A. Subject to Section 7 [46-14-7 NMSA 1978] of the Uniform Directed Trust Act, the terms of a trust may grant a power of direction to a trust director.
B. Unless the terms of a trust provide otherwise:
(1) a trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction granted to the director under Subsection A of this section; and
(2) trust directors with joint powers shall act by majority decision.
History: Laws 2018, ch. 63, § 6.
Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 6 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.