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 46-14-1 – Short title.
Sections 1 through 18 [46-14-1 to 46-14-18 NMSA 1978] of this act may be cited as the “Uniform Directed Trust Act”. History: Laws 2018, ch. 63, § 1. ANNOTATIONS Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 1 effective January 1, 2019.
Section 46-14-2 – Definitions.
As used in the Uniform Directed Trust Act: A. “breach of trust” includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, by the Uniform Directed Trust Act or by another law of New Mexico pertaining to trusts; B. “directed trust” […]
Section 46-14-3 – Application; principal place of administration.
A. The Uniform Directed Trust Act applies to a trust, whenever created, that has its principal place of administration in New Mexico, subject to the following rules: (1) if the trust was created before January 1, 2019, that act applies only to a decision or action occurring on or after that date; and (2) if […]
Section 46-14-4 – Common law and principles of equity.
The common law and principles of equity supplement the Uniform Directed Trust Act, except to the extent modified by that act or another law of New Mexico. History: Laws 2018, ch. 63, § 4. ANNOTATIONS Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 4 effective January 1, 2019.
Section 46-14-5 – Exclusions.
A. As used in this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in, or another power of appointment over, trust property. B. The Uniform Directed Trust Act does not apply to a: (1) power of appointment; (2) power […]
Section 46-14-6 – Powers of trust director.
A. Subject to Section 7 [46-14-7 NMSA 1978] of the Uniform Directed Trust Act, the terms of a trust may grant a power of direction to a trust director. B. Unless the terms of a trust provide otherwise: (1) a trust director may exercise any further power appropriate to the exercise or nonexercise of a […]
Section 46-14-7 – Limitations on trust director.
A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the 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 regarding: A. a payback […]