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-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-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.
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) […]