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 45-7-503 – 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 45-7-505 – Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
A. Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. B. The custodial trustee’s acceptance may be evidenced by writing stating in substance: “CUSTODIAL TRUSTEE’S […]
Section 45-7-506 – Transfer to custodial trustee by fiduciary or obligor; facility of payment.
A. Unless otherwise directed by an instrument designating a custodial trustee pursuant to Section 45-7-504 NMSA 1978, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary’s family […]
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 […]