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 […]
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.
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-6-604 – Limitation on action contesting validity of revocable trust; distribution of trust property.
A. A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor’s death within the earlier of: (1) three years after the settlor’s death; or (2) one hundred twenty days after the trustee sent the person a copy of the trust instrument and a notice informing […]
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 […]