Section 45-7-401 – Repealed.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 — Laws 2003, ch. 122, § 11-1105 repealed 45-7-401 NMSA 1978, as enacted by Laws 1975, ch. 257, § 7-401, relating to powers of trustees, effective July 1, 2003.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).
Section 45-7-502 – Definitions.
As used in the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978]: A. “adult” means an individual who is at least eighteen years of age; B. “beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit […]
Section 45-7-503 – Custodial trust; general.
A. A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee […]
Section 45-7-504 – Custodial trustee for future payment or transfer.
A. A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: “as custodial trustee for __________________ (name of beneficiary) under the Uniform Custodial Trust Act”. […]
Section 45-7-101 to 45-7-104 – Repealed.
History: 1953 Comp., § 32A-7-101, enacted by Laws 1975, ch. 257, § 7-101. ANNOTATIONS Repeals. — Laws 2003, ch. 122, § 11-1105 repealed 45-7-101 to 45-7-104 NMSA 1978, as enacted by Laws 1975, ch. 257, §§ 7-101 to 7-104, relating to the principal place of administration, effective July 1, 2003. For provisions of former sections, […]
Section 45-7-105 – Registration; qualification of foreign trustee.
A. A foreign corporate trustee is required to qualify as a foreign corporation doing business in New Mexico if it maintains the principal place of administration of any trust within the state. A foreign corporate cotrustee is not required to qualify in New Mexico solely because its cotrustee maintains the principal place of administration in […]
Section 45-7-201 to 45-7-206 – Repealed.
History: 1953 Comp., § 32A-7-201, enacted by Laws 1975, ch. 257, § 7-201. ANNOTATIONS Repeals. — Laws 2003, ch. 122, § 11-1105 repealed 45-7-201 to 45-7-206 NMSA 1978, as enacted by Laws 1975, ch. 257, §§ 7-201 to 7-206, relating to jurisdiction of court concerning trusts, effective July 1, 2003. For provisions of former sections, […]
Section 45-7-301 to 45-7-307 – Repealed.
History: 1953 Comp., § 32A-7-301, enacted by Laws 1975, ch. 257, § 7-301. ANNOTATIONS Repeals. — Laws 2003, ch. 122, § 11-1105 repealed 45-7-301 to 45-7-307 NMSA 1978, as enacted by Laws 1975, ch. 257, §§ 7-301 to 7-307, relating to duties and liabilities of trustees, effective July 1, 2003. For provisions of former sections, […]