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 46-11-405 – Power to contract; presently exercisable power of appointment.
A powerholder of a presently exercisable power of appointment may contract: A. not to exercise the power; or B. to exercise the power if the contract when made does not confer a benefit on an impermissible appointee. History: Laws 2016, ch. 69, § 405. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made […]
Section 46-11-406 – Power to contract; power of appointment not presently exercisable.
A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: A. is also the donor of the power; and B. has reserved the power in a revocable trust. History: Laws 2016, ch. 69, § 406. ANNOTATIONS Effective dates. — […]
Section 46-11-407 – Remedy for breach of contract to appoint or not to appoint.
The remedy for a powerholder’s breach of a contract to appoint or not to appoint appointive property is limited to damages payable out of the appointive property or, if appropriate, specific performance of the contract. History: Laws 2016, ch. 69, § 407. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, […]
Section 46-11-501 – Creditor claim; general power created by powerholder.
A. As used in this section, “power of appointment created by the powerholder” includes a power of appointment created in a transfer by another person to the extent that the powerholder contributed value to the transfer. B. Appointive property subject to a general power of appointment created by the powerholder is subject to a claim […]
Section 46-11-314 – Powerholder’s authority to revoke or amend exercise.
A powerholder may revoke or amend an exercise of a power of appointment only to the extent that: A. the powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment and, if the power is nongeneral, the terms of the instrument creating the power of appointment do not prohibit […]
Section 46-11-313 – Appointment to taker in default.
If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to have been exercised and the appointee takes under the clause. History: Laws 2016, ch. 69, § […]
Section 46-11-401 – Disclaimer.
As provided by the Uniform Disclaimer of Property Interests Act [45-2-1101 to 45-2-1116 NMSA 1978]: A. a powerholder may disclaim all or part of a power of appointment; and B. a permissible appointee, appointee or taker in default of appointment may disclaim all or part of an interest in appointive property. History: Laws 2016, ch. […]
Section 46-11-402 – Authority to release.
A powerholder may release a power of appointment, in whole or in part, except to the extent that the terms of the instrument creating the power prevent the release. History: Laws 2016, ch. 69, § 402. ANNOTATIONS Effective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 […]
Section 46-11-403 – Method of release.
A powerholder of a releasable power of appointment may release the power in whole or in part: A. by substantial compliance with a method provided in the terms of the instrument creating the power; or B. if the terms of the instrument creating the power do not provide a method or the method provided in […]