Section 46A-11-1105 – Application to existing relationships.
A. Except as otherwise provided in this 2007 act: (1) the provisions of this 2007 act apply to all trusts created before, on or after July 1, 2007; (2) the provisions of this 2007 act apply to all judicial proceedings concerning trusts commenced on or after July 1, 2007; (3) the provisions of this 2007 […]
Section 46A-11-1101 – Uniformity of application and construction.
In applying and construing the Uniform Trust Code [46A-1-101 NMSA 1978], 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 2003, ch. 122, § 11-1101. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act […]
Section 46A-11-1102 – Electronic records and signatures.
The provisions of the Uniform Trust Code [46A-1-101 to 46A-11-1104 NMSA 1978] governing the legal effect, validity or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of Section 102 of the federal Electronic Signatures in Global and National […]
Section 46A-11-1103 – Severability.
If any provision of the Uniform Trust Code [46A-1-101 NMSA 1978] or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of that code which can be given effect without the invalid provision or application, and to this end the provisions of the code are […]
Section 46A-11-1104 – Application to existing relationships.
A. Except as otherwise provided in the Uniform Trust Code [46A-1-101 NMSA 1978], on the effective date of the Uniform Trust Code or of any amendment to that code: (1) the Uniform Trust Code or the amendment applies to all trusts created before, on or after its effective date; (2) the Uniform Trust Code or […]
Section 46A-10-1004 – Attorney fees and costs.
In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney fees, to any party, to be paid by another party or from the trust that is the subject of the controversy. History: Laws 2003, ch. 122, § 10-1004. ANNOTATIONS […]
Section 46A-10-1005 – Limitation of action against trustee.
A. A beneficiary shall not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed […]
Section 46A-10-1006 – Reliance on trust instrument.
A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance. History: Laws 2003, ch. 122, § 10-1005; recompiled as § 46A-10-1006 by Laws 2007, ch. 128, […]
Section 46A-10-1007 – Event affecting administration or distribution.
If the happening of an event, including marriage, divorce, performance of educational requirements or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee’s lack of knowledge. History: Laws 2003, ch. 122, […]
Section 46A-10-1008 – Exculpation of trustee.
A. A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: (1) relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or (2) was […]