The instrument or will creating such trusts may provide for the appointment, succession, powers, duties, term and compensation of the trustee or trustees; and in all such respects the terms of said instrument or will shall be controlling. If the said instrument or will makes no provision in regard to any of the foregoing, then the general laws of the state shall control as to such omission or omissions.
The trustee, or trustees, under such an instrument or will shall be an agency of the state and the regularly constituted authority of the beneficiary for the performance of the functions for which the trust shall have been created. No trustee or beneficiary shall be charged personally with any liability whatsoever by reason of any act or omission committed or suffered in the performance of such trust or in the operation of the trust property; but any act, liability for any omission or obligation of a trustee or trustees, in the execution of such trust, or in the operation of the trust property, shall extend to the whole of the trust estate, or so much thereof as may be necessary to discharge such liability or obligation, and not otherwise.
History: 1953 Comp., § 33-6-4, enacted by Laws 1957, ch. 171, § 4.
Cross references. — For general laws of the state with respect to trusts and trustees, see Chapter 46, Articles 1, 2, and 3A NMSA 1978.
Structure New Mexico Statutes
Chapter 46 - Fiduciaries and Trusts
Article 4 - State Beneficiary Trusts
Section 46-4-1 - Trusts for state or political subdivision authorized.
Section 46-4-2 - Acceptance by beneficiary.
Section 46-4-3 - Instruments to be recorded.
Section 46-4-5 - Trust purposes.
Section 46-4-6 - Funds to carry out trust.
Section 46-4-7 - Lease of property.