Section 45-7-608 – Investment costs.
In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust and the skills of the trustee. History: 1978 Comp., § 45-7-608, enacted by Laws 1995, ch. 210, § 89. ANNOTATIONS Effective dates. — Laws 1995, ch. 210, § […]
Section 45-7-609 – Reviewing compliance.
Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight. History: 1978 Comp., § 45-7-609, enacted by Laws 1995, ch. 210, § 90. ANNOTATIONS Effective dates. — Laws 1995, ch. 210, § 94 made the Uniform […]
Section 45-7-610 – Delegation of investment and management functions.
A. A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in: (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and […]
Section 45-7-611 – Language invoking standard.
The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978]: “investments permissible by law for investment of trust funds”, “legal investments”, “authorized investments”, “using the judgment and care under the circumstances […]
Section 45-7-612 – Application to existing trusts.
The Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978] applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective date, the Uniform Prudent Investor Act governs only decisions or actions occurring after that date. History: 1978 Comp., § 45-7-612, enacted by Laws 1995, ch. 210, […]
Section 45-7-520 – Applicable law.
A. The Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] applies to a transfer or declaration creating a custodial trust that refers to that act if, at the time of the transfer or declaration, the transferor, beneficiary or custodial trustee is a resident of or has its principal place of business in this state […]
Section 45-7-521 – Uniformity of application and construction.
The Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of that act among states enacting it. History: 1978 Comp., § 45-7-521, enacted by Laws 1992, ch. 66, § 68.
Section 45-7-522 – Severability.
If any provision of the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of that act that can be given effect without the invalid provision or application, and to this end the provisions of […]
Section 45-7-601 – Short title.
Sections 45-7-601 through 45-7-612 NMSA 1978 may be cited as the “Uniform Prudent Investor Act”. History: 1978 Comp., § 45-7-601, enacted by Laws 1995, ch. 210, § 82. ANNOTATIONS Cross references. — For fiduciaries and trusts, see Chapter 46 NMSA 1978. Effective dates. — Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor […]
Section 45-7-602 – Prudent investor rule.
A. Except as otherwise provided in Subsection B of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978]. B. The prudent investor rule, a default […]