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. […]
Section 46A-5-505 – Creditor’s claim against settlor.
A. Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: (1) during the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor’s creditors; (2) with respect to an irrevocable trust, a creditor or assignee of the settlor may reach the […]
Section 46A-5-506 – Overdue distribution.
A. Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date. B. […]
Section 46A-5-507 – Personal obligations of trustee.
Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. History: Laws 2003, ch. 122, § 5-507. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003. Law reviews. — For article, “The New Mexico Uniform Trust Code,” see […]
Section 46A-6-601 – Capacity of settlor of revocable trust.
The capacity required to create, amend, revoke or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. History: Laws 2003, ch. 122, § 6-601. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 made the […]
Section 46A-6-602 – Revocation or amendment of revocable trust.
A. Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before July 1, 2003. B. If a revocable trust is created or funded by more than one settlor: (1) to […]