A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under Paragraph (1) of Subsection B of Section 6 [46-14-6 NMSA 1978] of the Uniform Directed Trust Act regarding:
A. a payback provision in the terms of the trust necessary to comply with the reimbursement requirements of medicaid law in Section 1917 of the Social Security Act, 42 U.S.C. Section 1396p(d)(4)(A), as amended, and regulations issued thereunder, as amended; and
B. a charitable interest in the trust, including notice regarding the interest to the attorney general.
History: Laws 2018, ch. 63, § 7.
Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 7 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.