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 46-12-105 – 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 […]
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 […]