A. Unless a co-trustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.
B. A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the co-trustee, successor trustee or other person entitled to it.
History: Laws 2003, ch. 122, § 7-707.
Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
Structure New Mexico Statutes
Chapter 46A - Uniform Trust Code
Section 46A-7-701 - Accepting or declining trusteeship.
Section 46A-7-702 - Trustee's bond.
Section 46A-7-703 - Co-trustees.
Section 46A-7-704 - Vacancy in trusteeship; appointment of successor.
Section 46A-7-705 - Resignation of trustee.
Section 46A-7-706 - Removal of trustee.
Section 46A-7-707 - Delivery of property by former trustee.