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 a trust; (2) subject to Sections 9, 11 and 12 [46-14-9, 46-14-11 and 46-14-12] of the Uniform Directed Trust Act, the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries; (3) the requirement that a trust and its terms be for the benefit of its beneficiaries and that the trust have a purpose that is lawful, not contrary to public policy and possible to achieve; (4) the power of the court to modify or terminate a trust under Sections 46A-4- 410 through 46A-4-416 NMSA 1978; (5) the effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Chapter 46A, Article 5 NMSA 1978; (6) the power of the court under Section 46A-7-702 NMSA 1978 to require, dispense with or modify or terminate a bond; (7) the power of the court under Subsection B of Section 46A-7-708 NMSA 1978 to adjust a trustee's compensation specified in the terms of the trust that is unreasonably low or high; (8) the duty under Paragraphs (2) and (3) of Subsection B of Section 46A-8- 813 NMSA 1978 to notify qualified beneficiaries of an irrevocable trust who have attained twenty-five years of age of the existence of the trust, of the identity of the trustee and of their right to request reports of the trustee; (9) except as otherwise provided in Subsection F of Section 46A-8-813 NMSA 1978, the duty under Subsection A of Section 46A-8-813 NMSA 1978 to respond to the request of a qualified beneficiary of an irrevocable trust for a trustee's reports and other information reasonably related to the administration of a trust; (10) the effect of an exculpatory term under Section 46A-10-1008 NMSA 1978; (11) the rights under Sections 46A-10-1010 through 46A-10-1013 NMSA 1978 of a person other than a trustee or beneficiary; (12) periods of limitation for commencing a judicial proceeding; provided, however, any such period may be increased; (13) the power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice; and (14) the subject-matter jurisdiction of the court and venue for commencing a proceeding as provided in Sections 46A-2-203 and 46A-2-204 NMSA 1978. History: Laws 2003, ch. 122, § 1-105; 2007, ch. 128, § 4; 2018, ch. 63, § 21.