Section 46-12-123 – Trust for care of animal.
A. As used in this section: (1) “animal trust” means a trust or an interest in a trust created to provide for the care of one or more animals; and (2) “protector” means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is […]
Section 46-12-124 – Terms of second trust.
A reference in the Uniform Trust Code [Chapter 46A NMSA 1978] to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust. History: Laws 2016, ch. 72, § 1-124. ANNOTATIONS Effective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ […]
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 46-12-105 – Application; governing law.
A. The Uniform Trust Decanting Act applies to a trust that: (1) has its principal place of administration in New Mexico, including a trust whose principal place of administration has been changed to New Mexico; or (2) provides by its trust instrument that it is governed by New Mexico law or is governed by New […]
Section 46-12-106 – Reasonable reliance.
A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust under the Uniform Trust Decanting Act, New Mexico law other than the Uniform Trust Decanting Act or the law of another jurisdiction, […]
Section 46-12-107 – Notice; exercise of decanting power.
A. In this section, a notice period begins on the day notice is given under Subsection C of this section and ends fifty-nine days after the day notice is given. B. Except as otherwise provided in the Uniform Trust Decanting Act, an authorized fiduciary may exercise the decanting power without the consent of any person […]
Section 46-12-108 – Representation.
A. Notice to a person with authority to represent and bind another person under a first-trust instrument or the Uniform Trust Code [Chapter 46A NMSA 1978] has the same effect as notice given directly to the person represented. B. Consent of or waiver by a person with authority to represent and bind another person under […]
Section 46-12-109 – Court involvement.
A. On application of an authorized fiduciary, a person entitled to notice under Subsection C of Section 1-107 [46-12-107 NMSA 1978] of the Uniform Trust Decanting Act, a beneficiary or, with respect to a charitable interest, the attorney general or other person that has standing to enforce the charitable interest, the court, may: (1) provide […]