Upon the acceptance of the beneficial interest by the beneficiary as hereinabove authorized and provided, the same shall be and constitute a binding contract between the state of New Mexico, the beneficiary and the grantor or grantors, or the executor of the estate of the testator, for the acceptance of the beneficial interest in the trust property by the designated beneficiary and the application of the proceeds of the trust property and its operation for the purposes, and in accordance with the stipulations specified by the trustor or trustors. Such trusts shall have duration for the term of duration of the beneficiary, or such shorter length of time as shall be specified in the instrument or will creating said trust.
History: 1953 Comp., § 33-6-8, enacted by Laws 1957, ch. 171, § 8.
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.