Sections 1 through 6 [47-2-1 to 47-2-6 NMSA 1978] of this act may be cited as the “Real Estate Trust Act”. History: 1953 Comp., § 70-6-1, enacted by Laws 1973, ch. 390, § 1. ANNOTATIONS Effective dates. — Laws 1997, ch. 36, § 3 made the Uniform Vendor and Purchaser Risk Act effective July 1, […]
As used in the Real Estate Trust Act: A. “real estate trust” means an unincorporated business trust organized and operated in conformity with the Real Estate Trust Act; B. “declaration” means the written document establishing the real estate trust and all subsequent amendments to that document; C. “trustees” means those natural persons designated as trustees […]
A real estate trust is established by filing for record with the clerk of the county in which its principal office in this state is located a declaration signed by all of its trustees, which must be at least three in number, and acknowledged before a notary public, which states: A. that the real estate […]
A. Except as limited or reserved to the beneficial owners by the declaration, the trustees are vested with the authority for the control, operation, disposition, investment, reinvestment and management of the trust estate. B. The action of a majority of the trustees is the action of the real estate trust except as otherwise provided by […]
Unless specifically limited by the declaration, a real estate trust has the power, exercisable in the trust name to: A. have perpetual succession; B. sue, be sued, complain and defend; C. purchase, receive, lease or otherwise acquire, own, hold, improve, use and otherwise deal in and with any real or personal property or any interest […]
A. A real estate trust is a separate legal entity and solely responsible for its debts and obligations. No trustee or beneficial owner, solely because of that status, shall be individually liable for the acts, omissions, debts or obligations of the real estate trust, except for his own bad faith, willful misfeasance, gross negligence, or […]
