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 45-7-516 – 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 45-7-510 – 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: […]