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Section 46A-8-808 – Repealed.
History: Laws 2003, ch. 122, § 8-808; repealed by Laws 2018, ch. 63, § 24.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 — Laws 2018, ch. 63, § 24 repealed 46A-8-808 NMSA 1978, as enacted by Laws 2003, ch. 122, § 8-808, relating to powers to direct, effective January 1, 2019.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 […]
Section 46A-7-705 – Resignation of trustee.
A. A trustee may resign: (1) upon at least thirty days’ notice to the qualified beneficiaries, the settlor, if living, and all co-trustees; or (2) with the approval of the court. B. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. C. Any […]
Section 46A-7-706 – Removal of trustee.
A. The settlor, a co-trustee or a beneficiary may request the court to remove a trustee or a trustee may be removed by the court on its own initiative. B. The court may remove a trustee if: (1) the trustee has committed a serious breach of trust; (2) lack of cooperation among co-trustees substantially impairs […]
Section 46A-7-707 – Delivery of property by former trustee.
A. Unless a co-trustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property. B. A trustee […]
Section 46A-7-708 – Compensation of trustee.
A. If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances. B. If the terms of a trust specify the trustee’s compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if: […]
Section 46A-7-709 – Reimbursement of expenses.
A. A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: (1) expenses that were properly incurred in the administration of the trust; and (2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust. […]