The trusts created for the benefit of the state, its municipalities or political subdivisions or other entities, to be acceptable as set forth in Section 2 [46-4-2 NMSA 1978] of this enactment, must have as the purpose of the trust the furtherance or the providing of funds for the furtherance of some proper and lawful function or duty of the beneficiary.
History: 1953 Comp., § 33-6-5, enacted by Laws 1957, ch. 171, § 5.
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.