Section 45-7-605 – Duties at inception of trusteeship.
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements and other circumstances of the trust, and with the […]
Section 45-7-606 – Loyalty.
A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries. History: 1978 Comp., § 45-7-606, enacted by Laws 1995, ch. 210, § 87. ANNOTATIONS Effective dates. — Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995.
Section 45-7-607 – Impartiality.
If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries. History: 1978 Comp., § 45-7-607, enacted by Laws 1995, ch. 210, § 88. ANNOTATIONS Effective dates. — Laws 1995, ch. 210, § 94 made the Uniform […]
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 45-7-601 – Short title.
Sections 45-7-601 through 45-7-612 NMSA 1978 may be cited as the “Uniform Prudent Investor Act”. History: 1978 Comp., § 45-7-601, enacted by Laws 1995, ch. 210, § 82. ANNOTATIONS Cross references. — For fiduciaries and trusts, see Chapter 46 NMSA 1978. Effective dates. — Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor […]
Section 45-7-602 – Prudent investor rule.
A. Except as otherwise provided in Subsection B of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978]. B. The prudent investor rule, a default […]
Section 45-7-603 – Standard of care; portfolio strategy; risk and return objectives.
A. A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution. B. A trustee’s investment and management decisions respecting individual assets must be evaluated not in […]
Section 45-7-604 – Diversification.
A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. History: 1978 Comp., § 45-7-604, enacted by Laws 1995, ch. 210, § 85. ANNOTATIONS Effective dates. — Laws 1995, ch. 210, § 94 made the Uniform […]