Section 46A-1-110 – Others treated as qualified beneficiaries.
A. A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under the Uniform Trust Code [46A-1-101 NMSA 1978] if the charitable organization, on the date the charitable organization’s qualification is being determined: (1) is a distributee or permissible distributee of trust income […]
Section 46A-1-111 – Nonjudicial settlement agreements.
A. For purposes of this section, “interested persons” means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court. B. Except as otherwise provided in Subsection C of this section, interested persons may enter into a binding nonjudicial settlement agreement with respect to […]
Section 46A-1-112 – Rules of construction.
The rules of construction that apply in this state to the interpretation of and disposition of property by will also apply as appropriate to the interpretation of the terms of a trust and the disposition of the trust property. History: Laws 2003, ch. 122, § 1-112. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § […]
Section 46A-1-113 – Insurable interest of trustee.
A. In this section, “settlor” means a person that executes a trust instrument. “Settlor” includes a person for which a fiduciary or agent is acting. B. A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the […]
Section 46A-1-101 – Short title.
Chapter 46A NMSA 1978 may be cited as the “Uniform Trust Code”. History: Laws 2003, ch. 122, § 1-101; 2007, ch. 128, § 1. ANNOTATIONS The 2007 amendment, effective July 1, 2007, changed the statutory reference. Law reviews. — For article, “The New Mexico Uniform Trust Code,” see 34 N.M.L. Rev. 1 (2004).