Section 46A-8-804 – Prudent administration.
A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution. History: Laws 2003, ch. 122, § 8-804. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 made […]
Section 46A-8-805 – Costs of administration.
In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust and the skills of the trustee. History: Laws 2003, ch. 122, § 8-805. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
Section 46A-8-806 – Trustee’s skills.
A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, shall use those special skills or expertise. History: Laws 2003, ch. 122, § 8-806. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July […]
Section 46A-8-807 – Delegation by trustee.
A. A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in: (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) […]
Section 46A-8-808 – Repealed.
History: Laws 2003, ch. 122, § 8-808; repealed by Laws 2018, ch. 63, § 24. ANNOTATIONS Repeals. — Laws 2018, ch. 63, § 24 repealed 46A-8-808 NMSA 1978, as enacted by Laws 2003, ch. 122, § 8-808, relating to powers to direct, effective January 1, 2019. For provisions of former section, see the 2017 NMSA […]
Section 46A-8-809 – Control and protection of trust property.
A trustee shall take reasonable steps to take control of and protect the trust property. History: Laws 2003, ch. 122, § 8-809. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
Section 46A-8-810 – Recordkeeping and identification of trust property.
A. A trustee shall keep adequate records of the administration of the trust. B. A trustee shall keep trust property separate from the trustee’s own property. C. Except as otherwise provided in Subsection D of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to […]