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 […]
Section 46A-6-603 – Settlor’s powers; powers of withdrawal.
A. While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. B. While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee […]
Section 46A-5-501 – Rights of beneficiary’s creditor or assignee.
To the extent a beneficiary’s interest is not subject to a spendthrift provision, the court may authorize a creditor or assignee of the beneficiary to reach the beneficiary’s interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to such […]
Section 46A-4-408 – Trust for care of animal.
A. A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor’s lifetime, upon the death of the last […]
Section 46A-4-409 – Noncharitable trust without ascertainable beneficiary.
Except as otherwise provided in Section 4-408 [46A-4-408 NMSA 1978] of the Uniform Trust Code or by another statute, the following rules apply: A. a trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The […]
Section 46A-4-410 – Modification or termination of trust; proceedings for approval or disapproval.
A. In addition to the methods of termination prescribed by Sections 4-411 through 4-414 [46A-4-411 to 46A-4-414 NMSA 1978] of the Uniform Trust Code, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved or the purposes of the trust […]
Section 46A-4-411 – Modification or termination of noncharitable irrevocable trust by consent.
A. A noncharitable irrevocable trust may be modified or terminated upon consent of the settlor and all beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust. If upon petition the court finds that the settlor and all beneficiaries consent to the modification or termination of a noncharitable irrevocable […]
Section 46A-4-412 – Modification or termination because of unanticipated circumstances or inability to administer trust effectively.
A. The court may modify the administrative or dispositive terms of a trust or terminate the trust if it is established by clear and convincing evidence that there are circumstances not anticipated by the settlor and modification or termination will further the purposes of the trust. To the extent practicable, the modification must be made […]