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 […]
Section 46A-1-112 – Rules of construction.
The rules of construction that apply in this state to the interpretation of and disposition of property by will also apply as appropriate to the interpretation of the terms of a trust and the disposition of the trust property. History: Laws 2003, ch. 122, § 1-112. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, § […]
Section 46A-1-113 – Insurable interest of trustee.
A. In this section, “settlor” means a person that executes a trust instrument. “Settlor” includes a person for which a fiduciary or agent is acting. B. A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the […]
Section 46A-2-201 – Role of court in administration of trust.
A. The court may intervene in the administration of a trust to the extent its jurisdiction is invoked by an interested person or as provided by law. B. A trust is not subject to continuing judicial supervision unless ordered by the court. C. A judicial proceeding involving a trust may relate to any matter involving […]
Section 46A-2-202 – Jurisdiction over trustee and beneficiary.
A. By accepting the trusteeship of a trust having its principal place of administration in this state or by moving the principal place of administration to this state, the trustee submits personally to the jurisdiction of the courts of this state regarding any matter involving the trust. B. With respect to their interests in the […]
Section 46A-1-101 – Short title.
Chapter 46A NMSA 1978 may be cited as the “Uniform Trust Code”. History: Laws 2003, ch. 122, § 1-101; 2007, ch. 128, § 1. ANNOTATIONS The 2007 amendment, effective July 1, 2007, changed the statutory reference. Law reviews. — For article, “The New Mexico Uniform Trust Code,” see 34 N.M.L. Rev. 1 (2004).
Section 46A-1-102 – Scope.
The Uniform Trust Code [46A-1-101 to 46A-11-1104 NMSA 1978] applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment or decree that requires the trust to be administered in the manner of an express trust. History: Laws 2003, ch. 122, § 1-102. ANNOTATIONS Effective dates. — Laws 2003, ch. 122, […]
Section 46A-1-103 – Definitions.
As used in the Uniform Trust Code: A. “action”, with respect to an act of a trustee, includes a failure to act; B. “ascertainable standard” means a standard relating to an individual’s health, education, support or maintenance within the meaning of Subparagraph (A) of Paragraph (1) of Subsection (b) of Section 2041 and Paragraph (1) […]
Section 46A-1-104 – Knowledge.
A. Subject to Subsection B of this section, a person has knowledge of a fact if the person: (1) has actual knowledge; (2) has received a notice or notification of it; or (3) from all the facts and circumstances known to the person at the time in question, has reason to know it. B. An […]
Section 46A-1-105 – Default and mandatory rules.
A. Except as otherwise provided in the terms of the trust, the Uniform Trust Code governs the duties and powers of a trustee, relations among trustees and the rights and interests of a beneficiary. B. The terms of a trust prevail over any provision of the Uniform Trust Code except: (1) the requirements for creating […]