Section 46A-4-403 – Trusts created in other jurisdictions.
A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed or the law of the jurisdiction in which, at the time of creation: A. the settlor was domiciled, had a place of abode or was a national; B. a […]
Section 46A-4-404 – Trust purposes.
A trust may be created only to the extent its purposes are lawful, not contrary to public policy and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries. History: Laws 2003, ch. 122, § 4-404. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act […]
Section 46A-4-405 – Charitable purposes; enforcement.
A. A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes or other purposes the achievement of which is beneficial to the community. B. If the terms of a charitable trust do not indicate a particular charitable purpose or beneficiary, […]
Section 46A-4-406 – Creation of trust induced by fraud, duress or undue influence.
A trust is void to the extent its creation was induced by fraud, duress or undue influence. History: Laws 2003, ch. 122, § 4-406. 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 34 N.M.L. […]
Section 46A-4-407 – Evidence of oral trust.
Except as required by a statute other than the Uniform Trust Code [46A-1-101 NMSA 1978], a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence. History: Laws 2003, ch. 122, § 4-407. ANNOTATIONS Effective dates. — […]
Section 46A-2-204 – Venue.
A. Except as otherwise provided in Subsection B of this section, venue for a judicial proceeding involving a trust is in the county of New Mexico in which the trust’s principal place of administration is or will be located or, if the trust is created by will and the estate is not yet closed, in […]
Section 46A-1-110 – Others treated as qualified beneficiaries.
A. A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under the Uniform Trust Code [46A-1-101 NMSA 1978] if the charitable organization, on the date the charitable organization’s qualification is being determined: (1) is a distributee or permissible distributee of trust income […]
Section 46A-3-301 – Representation; basic effect.
A. Notice to a person who may represent and bind another person pursuant to the provisions of Chapter 46A, Article 3 NMSA 1978 has the same effect as if notice were given directly to the other person. B. The consent of a person who may represent and bind another person pursuant to the provisions of […]
Section 46A-1-111 – Nonjudicial settlement agreements.
A. For purposes of this section, “interested persons” means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court. B. Except as otherwise provided in Subsection C of this section, interested persons may enter into a binding nonjudicial settlement agreement with respect to […]
Section 46A-3-302 – Representation by holder of general testamentary power of appointment.
To the extent there is no conflict of interest between the holder of a general testamentary power of appointment and the persons represented with respect to the particular question or dispute, the holder may represent and bind persons whose interests, as permissible appointees, takers in default or otherwise, are subject to the power. History: Laws […]