ANNOTATIONS Repeals. — Laws 1989, ch. 357, § 26 repealed 46-7-1 to 46-7-10 NMSA 1978, as amended by Laws 1967, ch. 258, §§ 2, 3, 5, 6, 8 to 10 and Laws 1973, ch. 138, §§ 19 to 21, relating to the Uniform Gifts to Minors Act, effective July 1, 1989. For present comparable provisions, […]
Sections 1 through 24 [46-7-11 to 46-7-34 NMSA 1978] of this act may be cited as the “Uniform Transfers to Minors Act”. History: Laws 1989, ch. 357, § 1. ANNOTATIONS Compiler’s notes. — As enacted by Laws 1989, ch. 357, § 1, the phrase “As used in the Uniform Transfers to Minors Act:” inadvertently appeared […]
[As used in the Uniform Transfers to Minors Act [46-7-11 to 46-7-34 NMSA 1978]:] A. “adult” means an individual who has attained the age of twenty-one years; B. “benefit plan” means an employer’s plan for the benefit of an employee or partner; C. “broker” means a person lawfully engaged in the business of effecting transactions […]
A. The Uniform Transfers to Minors Act applies to a transfer that refers to that act in the designation under Subsection A of Section 10 [46-7-20 NMSA 1978] of that act by which the transfer is made if at the time of the transfer, the transferor, the minor or the custodian is a resident of […]
A. A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for ______________ (name of […]
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to Section 10 [46-7-20 NMSA 1978] of the Uniform Transfers to Minors Act. History: Laws 1989, ch. 357, § 5.
A. A personal representative or trustee may make an irrevocable transfer pursuant to Section 10 [46-7-20 NMSA 1978] of the Uniform Transfers to Minors Act to a custodian for the benefit of a minor as authorized in the governing will or trust. B. If the testator or settler has nominated a custodian under Section 4 […]
A. Subject to Subsection C of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to Section 10 [46-7-20 NMSA 1978] of the Uniform Transfers to Minors Act in the absence of a will or under a […]
A. Subject to Subsections B and C of this section, a person not subject to Section 6 or 7 [46-7-16 or 46-7-17 NMSA 1978] of the Uniform Transfers to Minors Act who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian […]
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to the Uniform Transfers to Minors Act. History: Laws 1989, ch. 357, § 9.
A. Custodial property is created and a transfer is made whenever: (1) an uncertificated security or a certificated security in registered form is either: (a) registered in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for ____________________ (name of minor) […]
A transfer may be made only for one minor and only one person may be the custodian. All custodial property held under the Uniform Transfers to Minors Act by the same custodian for the benefit of the same minor constitutes a single custodianship. History: Laws 1989, ch. 357, § 11.
A. The validity of a transfer made in a manner prescribed in the Uniform Transfers to Minors Act is not affected by: (1) failure of the transferor to comply with Subsection C of Section 10 [46-7-20 NMSA 1978] of that act concerning possession and control; (2) designation of an ineligible custodian, except designation of the […]
A. A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial property. B. In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property […]
A. A custodian, acting in a custodial capacity, has all the rights, powers and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers and authority in that capacity only. B. This section does not relieve a custodian from liability for breach of Section […]
A. A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: (1) the duty or ability of the custodian personally or of any other […]
A. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. B. Except for one who is a transferor under Section 5 [46-7-15 NMSA 1978] of the Uniform Transfers to Minors Act a custodian has a noncumulative election during each calendar year to charge reasonable […]
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: A. the validity of the purported custodian’s […]
A. A claim based on: (1) a contract entered into by a custodian acting in a custodial capacity; (2) an obligation arising from the ownership or control of custodial property; or (3) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether […]
A. A person nominated under Section 4 [46-7-14 NMSA 1978] of the Uniform Transfers to Minors Act or designated under Section 9 [46-7-19 NMSA 1978] of that act as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or to the transferor’s legal […]
