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-10-1001 – Breach of trust.
A. A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. B. To remedy a breach of trust that has occurred or may occur, the court may: (1) compel the trustee to perform the trustee’s duties; (2) enjoin the trustee from committing a breach of trust; […]
Section 46A-10-1002 – Damages for breach of trust.
A. A trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of: (1) the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or (2) the profit the trustee made by reason of […]
Section 46A-10-1003 – Damages in absence of breach.
A. A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. B. Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or […]
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Section 46A-8-808 – Repealed.
History: Laws 2003, ch. 122, § 8-808; repealed by Laws 2018, ch. 63, § 24.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 — Laws 2018, ch. 63, § 24 repealed 46A-8-808 NMSA 1978, as enacted by Laws 2003, ch. 122, § 8-808, relating to powers to direct, effective January 1, 2019.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 […]
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 […]