Section 46-14-18 – Relation to Electronic Signatures in Global and National Commerce Act.
The Uniform Directed Trust Act modifies, limits or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit or supersede Section 101(c) of that act, 15 U.S.C. Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that […]
Section 46-14-16 – Office of trust director.
Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: A. acceptance under Section 46A-7-701 NMSA 1978; B. giving of bond to secure performance under Section 46A-7-702 NMSA 1978; C. reasonable compensation under Section 46A-7-708 NMSA 1978; D. resignation under Section 46A-7-705 […]
Section 46-14-17 – Uniformity of application and construction.
In applying and construing the Uniform Directed Trust Act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: Laws 2018, ch. 63, § 17. ANNOTATIONS Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, […]
Section 46-14-8 – Duty and liability of trust director.
A. Subject to Subsection B of this section, with respect to a power of direction or a further power under Paragraph (1) of Subsection B of Section 6 [46-14-6 NMSA 1978] of the Uniform Directed Trust Act: (1) a trust director has the same fiduciary duty and liability in the exercise or nonexercise of the […]
Section 46-14-9 – Duty and liability of directed trustee.
A. Subject to Subsection B of this section, a directed trustee shall take reasonable action to comply with a trust director’s exercise or nonexercise of a power of direction or further power under Paragraph (1) of Subsection B of Section 6 [46-14-6 NMSA 1978] of the Uniform Directed Trust Act, and the trustee is not […]
Section 46-14-10 – Duty to provide information to trust director or trustee.
A. Subject to Section 11 [46-14-11 NMSA 1978] of the Uniform Directed Trust Act, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (1) the powers or duties of the trustee; and (2) the powers or duties of the director. B. Subject to Section 11 […]
Section 46-14-11 – No duty to monitor, inform or advise.
A. Unless the terms of a trust provide otherwise: (1) a trustee does not have a duty to: (a) monitor a trust director; or (b) inform or give advice to a settlor, beneficiary, trustee or trust director concerning an instance in which the trustee might have acted differently than the director; and (2) by taking […]
Section 46-14-12 – Application to cotrustee [co-trustee].
The terms of a trust may relieve a cotrustee [co-trustee] from duty and liability with respect to another cotrustee’s [co-trustee’s] exercise or nonexercise of a power of the other cotrustee [co-trustee] to the same extent that, in a directed trust, a directed trustee is relieved from duty and liability with respect to a trust director’s […]
Section 46-14-13 – Limitation of action against trust director.
A. An action against a trust director for breach of trust shall be commenced within the same limitation period provided for in Section 46A-10-1005 NMSA 1978 for an action for breach of trust against a trustee in a like position and under similar circumstances. B. A report or accounting has the same effect on the […]
Section 46-14-14 – Defenses in action against trust director.
In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee. History: Laws 2018, ch. 63, § 14. ANNOTATIONS Effective dates. — Laws 2018, ch. 63, […]