Section 45-7-515 – Expenses, compensation and bond of custodial trustee.
Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee: A. is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services; B. has a noncumulative election, to be made no later than six […]
Section 45-7-516 – Reporting and accounting by custodial trustee; determination of liability of custodial trustee.
A. Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property: (1) once each year; (2) upon request at reasonable times by the beneficiary or the beneficiary’s legal representative; (3) […]
Section 45-7-517 – Limitations of action against custodial trustee.
A. Except as provided in Subsection C of this section, unless previously barred by adjudication, consent or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered or the legal representative […]
Section 45-7-518 – Distribution on termination.
A. Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) to the beneficiary, if not incapacitated or deceased; (2) to the conservator or other recipient designated by the court for an incapacitated beneficiary; or (3) upon the beneficiary’s death, in the following order: (a) as last directed […]
Section 45-7-519 – Methods and forms for creating custodial trusts.
A. If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of Section 45-7-503 NMSA 1978 are satisfied by: (1) the execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form: “TRANSFER UNDER THE UNIFORM CUSTODIAL […]
Section 45-7-507 – Multiple beneficiaries; separate custodial trusts; survivorship.
A. Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of spouses, for whom a right of survivorship is presumed, a right of survivorship does not exist unless the instrument […]
Section 45-7-508 – General duties of custodial trustee.
A. If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. B. If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment or retention of the custodial trust property. In the absence of effective contrary direction by […]
Section 45-7-509 – General powers of custodial trustee.
A. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property that an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fudiciary [fiduciary] capacity only. B. This section does not relieve a custodial trustee from […]
Section 45-7-401 – Repealed.
History: 1953 Comp., § 32A-7-401, enacted by Laws 1975, ch. 257, § 7-401; 1987, ch. 66, § 1. ANNOTATIONS Repeals. — Laws 2003, ch. 122, § 11-1105 repealed 45-7-401 NMSA 1978, as enacted by Laws 1975, ch. 257, § 7-401, relating to powers of trustees, effective July 1, 2003. For provisions of former section, see […]
Section 45-7-501 – Short title.
Sections 45-7-501 through 45-7-522 NMSA 1978 may be cited as the “Uniform Custodial Trust Act”. History: 1978 Comp., § 45-7-501, enacted by Laws 1992, ch. 66, § 48. ANNOTATIONS Law reviews. — For article, “The New Mexico Uniform Trust Code,” see 34 N.M.L. Rev. 1 (2004).