Section 46-12-125 – Settlor.
A. For purposes of New Mexico law other than the Uniform Trust Decanting Act and subject to Subsection B of this section, a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to the exercise of […]
Section 46-12-126 – Later-discovered property.
A. Except as otherwise provided in Subsection C of this section, if exercise of the decanting power was intended to distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquired by the first trust after the exercise of […]
Section 46-12-127 – Obligations.
A debt, liability or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power. History: Laws 2016, ch. 72, § 1-127. ANNOTATIONS Effective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust […]
Section 46-12-128 – Uniformity of application and construction.
In applying and construing the Uniform Trust Decanting 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 2016, ch. 72, § 1-128. ANNOTATIONS Effective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting […]
Section 46-12-129 – Relation to Electronic Signatures in Global and National Commerce Act.
The Uniform Trust Decanting 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 46-12-115 – Trust limitation on decanting.
A. An authorized fiduciary shall not exercise the decanting power to the extent that the first-trust instrument expressly prohibits exercise of: (1) the decanting power; or (2) a power granted by state law to the fiduciary to distribute part or all of the principal of the trust to another trust. B. Exercise of the decanting […]
Section 46-12-116 – Change in compensation.
A. If a first-trust instrument specifies an authorized fiduciary’s compensation, the fiduciary shall not exercise the decanting power to increase the fiduciary’s compensation above the specified compensation unless: (1) all qualified beneficiaries of the second trust consent to the increase in a signed record; or (2) the increase is approved by the court. B. If […]
Section 46-12-117 – Relief from liability and indemnification.
A. Except as otherwise provided in this section, a second-trust instrument shall not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument. B. A second-trust instrument may provide for indemnification of an authorized fiduciary of the first trust or another person acting in a fiduciary capacity […]
Section 46-12-118 – Removal or replacement of authorized fiduciary.
An authorized fiduciary shall not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless: A. the person holding the power consents to the modification in a signed record and the modification applies only to the person; B. the person holding the […]
Section 46-12-119 – Tax-related limitations.
A. As used in this section: (1) “grantor trust” means a trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. Sections 671 through 677, as amended, or 26 U.S.C. Section 679, as amended; (2) “Internal Revenue Code” means the United States Internal Revenue Code of 1986, as […]