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 […]
Section 45-7-401 – Repealed.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 — Laws 2003, ch. 122, § 11-1105 repealed 45-7-401 NMSA 1978, as enacted by Laws 1975, ch. 257, § 7-401, relating to powers of trustees, effective July 1, 2003.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 45-7-505 – 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 […]