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 46-13-16 – Custodian compliance and immunity.
A. Not later than sixty days after receipt of the information required under Sections 7 through 15 [46-13-7 to 46-13-15 NMSA 1978] of the Revised Uniform Fiduciary Access to Digital Assets Act, a custodian shall comply with a request under the Revised Uniform Fiduciary Access to Digital Assets Act from a fiduciary or designated recipient […]
Section 46-13-17 – Uniformity of application and construction.
In applying and construing the Revised Uniform Fiduciary Access to Digital Assets 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 2017, ch. 72, § 17. ANNOTATIONS Effective dates. — Laws 2017, ch. 72, § 20 made […]
Section 46-13-18 – Relation to Electronic Signatures in Global and National Commerce Act.
The Revised Uniform Fiduciary Access to Digital Assets Act modifies, limits or supersedes the federal 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 […]
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 […]