A. After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than fifty thousand dollars ($50,000) may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
B. The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
C. Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
D. This section does not apply to an easement for conservation or preservation.
History: Laws 2003, ch. 122, § 4-414.
Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
Structure New Mexico Statutes
Chapter 46A - Uniform Trust Code
Article 4 - Creation, Validity, Modification and Termination of Trust
Section 46A-4-401 - Methods of creating trust.
Section 46A-4-402 - Requirements for creation.
Section 46A-4-403 - Trusts created in other jurisdictions.
Section 46A-4-404 - Trust purposes.
Section 46A-4-405 - Charitable purposes; enforcement.
Section 46A-4-406 - Creation of trust induced by fraud, duress or undue influence.
Section 46A-4-407 - Evidence of oral trust.
Section 46A-4-408 - Trust for care of animal.
Section 46A-4-409 - Noncharitable trust without ascertainable beneficiary.
Section 46A-4-410 - Modification or termination of trust; proceedings for approval or disapproval.
Section 46A-4-411 - Modification or termination of noncharitable irrevocable trust by consent.
Section 46A-4-414 - Termination of uneconomic trust.
Section 46A-4-415 - Reformation to correct mistakes.
Section 46A-4-416 - Modification to achieve settlor's tax objectives.