Section 46A-8-814 – Discretionary powers; tax savings.
A. Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as “absolute”, “sole” or “uncontrolled”, the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries. B. […]
Section 46A-8-815 – General powers of trustee.
A. A trustee, without authorization by the court, may exercise: (1) powers conferred by the terms of the trust; and (2) except as limited by the terms of the trust: (a) all powers over the trust property that an unmarried competent owner has over individually owned property; (b) any other powers appropriate to achieve the […]
Section 46A-8-816 – Specific powers of trustee.
Without limiting the authority conferred by Section 8-815 [46A-8-815 NMSA 1978] of the Uniform Trust Code, a trustee may: A. collect trust property and accept or reject additions to the trust property from a settlor or any other person; B. acquire or sell property, for cash or on credit, at public or private sale; C. […]
Section 46A-8-817 – Distribution upon termination.
A. Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within thirty days after the proposal was sent, but only if the […]
Section 46A-8-811 – Enforcement and defense of claims.
A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. History: Laws 2003, ch. 122, § 8-811. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
Section 46A-8-812 – Collecting trust property.
A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress a breach of trust known to the trustee to have been committed by a former trustee. History: Laws 2003, ch. 122, § 8-812. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, […]
Section 46A-8-813 – Duty to inform and report.
A. A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a beneficiary’s request for information related to the administration of the trust. B. […]
Section 46A-8-801 – Duty to administer trust.
Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries and in accordance with the Uniform Trust Code [46A-1-101 NMSA 1978]. History: Laws 2003, ch. 122, § 8-801. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 […]
Section 46A-8-802 – Duty of loyalty.
A. A trustee shall administer the trust solely in the interests of the beneficiaries. B. Subject to the rights of persons dealing with or assisting the trustee as provided in Section 46A-10-1012 NMSA 1978, a sale, encumbrance or other transaction involving the investment or management of trust property entered into by the trustee for the […]
Section 46A-8-803 – Impartiality.
If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing and distributing the trust property, giving due regard to the beneficiaries’ respective interests. History: Laws 2003, ch. 122, § 8-803. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.