Section 46-13-4 – User direction for disclosure of digital assets.
A. A user may use an online tool to direct the custodian to disclose to a designated recipient or not to disclose some or all of the user’s digital assets, including the content of electronic communications. If the online tool allows the user to modify or delete a direction at all times, a direction regarding […]
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 […]
Section 46-12-120 – Duration of second trust.
A. Subject to Subsection B of this section, a second trust may have a duration that is the same as or different from the duration of the first trust. B. To the extent that property of a second trust is attributable to property of the first trust, the property of the second trust is subject […]
Section 46-12-121 – Need to distribute not required.
An authorized fiduciary may exercise the decanting power regardless of whether under the first trust’s discretionary distribution standard the fiduciary would have made, or could have been compelled to make, a discretionary distribution of principal at the time of the exercise. History: Laws 2016, ch. 72, § 1-121. ANNOTATIONS Effective dates. — Laws 2016, ch. […]
Section 46-12-122 – Saving provision.
A. If exercise of the decanting power would be effective under the Uniform Trust Decanting Act except that the second-trust instrument in part does not comply with the Uniform Trust Decanting Act, the exercise of the power is effective and the following rules apply with respect to the principal of the second trust attributable to […]
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 […]