Section 46-12-110 – Formalities.
An exercise of the decanting power shall be made in a record signed by an authorized fiduciary. The signed record shall, directly or by reference to the notice required by Section 1-107 [46-12-107 NMA 1978] of the Uniform Trust Decanting Act, identify the first trust and the second trust or trusts and state the property […]
Section 46-12-111 – Decanting power under expanded distributive discretion.
A. As used in this section: (1) “noncontingent right” means a right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. “Noncontingent right” does not include a right held by a beneficiary if any person has discretion to distribute property subject to […]
Section 46-12-112 – Decanting power under limited distributive discretion.
A. As used in this section, “limited distributive discretion” means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard. B. An authorized fiduciary that has limited distributive discretion over the principal of the first trust for benefit of one or more current beneficiaries may exercise the decanting […]
Section 46-12-113 – Trust for beneficiary with disability.
A. As used in this section: (1) “beneficiary with a disability” means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the beneficiary currently receives those benefits or is an individual who has been adjudicated incapacitated; (2) “governmental benefits” means financial aid […]
Section 46-12-114 – Protection of charitable interest.
A. As used in this section: (1) “determinable charitable interest” means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event or after the passage of a specified time and that is unconditional or will be held solely for charitable purposes; and (2) “unconditional” means […]
Section 46-12-102 – Definitions.
As used in the Uniform Trust Decanting Act: A. “appointive property” means the property or property interest subject to a power of appointment; B. “ascertainable standard” means a standard relating to an individual’s health, education, support or maintenance within the meaning of 26 U.S.C. Section 2041(b)(1)(A), as amended, or 26 U.S.C. Section 2514(c)(1), as amended, […]
Section 46-12-103 – Scope.
A. Except as otherwise provided in Subsections B and C of this section, the Uniform Trust Decanting Act applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest. B. The Uniform Trust Decanting Act does not apply to […]
Section 46-12-104 – Fiduciary duty.
A. In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust. B. The Uniform Trust Decanting Act does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the […]
Section 46-12-101 – Short title.
Sections 1-101 through 1-129 [46-12-101 to 46-12-129 NMSA 1978] of this act may be cited as the “Uniform Trust Decanting Act”. History: Laws 2016, ch. 72, § 1-101. ANNOTATIONS Effective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.