Section 46A-7-701 – Accepting or declining trusteeship.
A. Except as otherwise provided in Subsection C of this section, a person designated as trustee accepts the trusteeship: (1) by substantially complying with a method of acceptance provided in the terms of the trust; or (2) if the terms of the trust do not provide a method or the method provided in the terms […]
Section 46A-7-702 – Trustee’s bond.
A. A trustee shall give bond to secure performance of the trustee’s duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. B. The court may specify the amount […]
Section 46A-7-703 – Co-trustees.
A. Co-trustees who are unable to reach a unanimous decision may act by majority decision. B. If a vacancy occurs in a co-trusteeship, the remaining co-trustees may act for the trust. C. Subject to Section 12 [46-14-12 NMSA 1978] of the Uniform Directed Trust Act, a co-trustee shall participate in the performance of a trustee’s […]
Section 46A-7-704 – Vacancy in trusteeship; appointment of successor.
A. A vacancy in a trusteeship occurs if: (1) a person designated as trustee rejects the trusteeship; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is disqualified or removed; (5) a trustee dies; or (6) a guardian or conservator is appointed for an […]
Section 46A-7-705 – Resignation of trustee.
A. A trustee may resign: (1) upon at least thirty days’ notice to the qualified beneficiaries, the settlor, if living, and all co-trustees; or (2) with the approval of the court. B. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. C. Any […]
Section 46A-7-706 – Removal of trustee.
A. The settlor, a co-trustee or a beneficiary may request the court to remove a trustee or a trustee may be removed by the court on its own initiative. B. The court may remove a trustee if: (1) the trustee has committed a serious breach of trust; (2) lack of cooperation among co-trustees substantially impairs […]
Section 46A-7-707 – Delivery of property by former trustee.
A. Unless a co-trustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property. B. A trustee […]
Section 46A-7-708 – Compensation of trustee.
A. If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances. B. If the terms of a trust specify the trustee’s compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if: […]
Section 46A-7-709 – Reimbursement of expenses.
A. A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: (1) expenses that were properly incurred in the administration of the trust; and (2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust. […]