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 46-11-603 – Application to existing relationships.
A. Except as otherwise provided in the Uniform Powers of Appointment Act, on and after January 1, 2017: (1) the Uniform Powers of Appointment Act applies to a power of appointment created before, on or after January 1, 2017; (2) the Uniform Powers of Appointment Act applies to a judicial proceeding concerning a power of […]
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.
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 46-11-502 – Creditor claim; general power not created by powerholder.
A. Except as otherwise provided in Subsection B of this section, appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of: (1) the powerholder, to the extent that the powerholder’s property is insufficient, if the power is presently exercisable; […]
Section 46-11-503 – Power to withdraw.
A. For purposes of this article and except as otherwise provided in Subsection B of this section, a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of the property subject to the power to withdraw. […]
Section 46-11-504 – Creditor claim; nongeneral power.
A. Except as otherwise provided in Subsections B and C of this section, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate. B. Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor […]
Section 46-11-601 – Uniformity of application and construction.
In applying and construing the Uniform Powers of Appointment Act, consideration shall be given to the need to promote uniformity of the act with respect to its subject matter among states that enact it. History: Laws 2016, ch. 69, § 601. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. […]