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 45-7-520 – 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 45-7-510 – Use of custodial trust property.
A. A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. B. If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the […]
Section 45-7-511 – Determination of incapacity; effect.
A. The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if: (1) the custodial trust was created under Section 45-7-506 NMSA 1978; (2) the transferor has so directed in the instrument creating the custodial trust; or (3) the custodial trustee has determined that the beneficiary is incapacitated. B. A custodial trustee […]
Section 45-7-512 – Exemption of third person from liability.
A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not responsible for determining: […]
Section 45-7-513 – Liability to third person.
A. A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property or a tort committed in the course of administering the custodial trust, may be asserted by a third person against the custodial trust property by […]
Section 45-7-514 – Declination, resignation, incapacity, death or removal of custodial trustee; designation of successor custodial trustee.
A. Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor or the transferor’s legal representative. If an event giving rise to a transfer has not occurred, the substitute custodial trustee designated under Section 45-7-504 NMSA 1978 becomes the […]
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) […]