Chapter 46 — Chapter 46

Upon the acceptance of the beneficial interest by the beneficiary as hereinabove authorized and provided, the same shall be and constitute a binding contract between the state of New Mexico, the beneficiary and the grantor or grantors, or the executor of the estate of the testato…

Any such trust may be terminated by agreement of the trustees and the authority of the beneficiary having power to accept the trust under the provisions of Section 2 [46-4- 2 NMSA 1978] of this enactment; provided that there may be no termination while there exists any outstandin…

History: 1953 Comp., § 33-7-1, enacted by Laws 1965, ch. 26, § 1; repealed by Laws 1993, ch. 174, § 84.

History: 1953 Comp., § 33-7-2, enacted by Laws 1965, ch. 26, § 2; repealed by Laws 1993, ch. 174, § 84.

History: 1953 Comp., § 33-7-3, enacted by Laws 1965, ch. 26, § 4; repealed by Laws 1993, ch. 174, § 84.

surety required; approval of bonds.] That whenever any recognizance, stipulation, bond or undertaking is required to be given by the laws of this state, conditioned for the faithful performance of any duty or from doing or refraining from doing anything in such recognizance, stip…

action. Any fiduciary not subject to the provisions of the Probate Code [Chapter 45 NMSA 1978], required by law or the order of any court or judge of this state, to give a bond or other obligation as such, may include as a part of the lawful expense of executing his trust such re…

When any surety upon the official bond of any fiduciary in this state not subject to the provisions of the Probate Code [Chapter 45 NMSA 1978], shall desire to be released from such obligation, such surety may file his application for such release in the court having jurisdiction…

right to do business.] That if any company authorized to do business in this state shall neglect or refuse to pay any final judgment or decree rendered against it upon any such recognizance, stipulation, bond or undertaking made or guaranteed by it under the provisions of Section…

authority.] That any company who shall execute or guarantee any recognizance, stipulation, bond or undertaking shall be estopped in any proceeding to enforce the liability which it shall have assumed to incur, to deny its corporate power to execute or guarantee such instrument or…

action; petition; notice; hearing; order.] Whenever any surety upon any attachment, replevin or other bond required in civil actions by the statutes of this state shall have reason to believe himself in danger from remaining thereon, and desires to be relieved therefrom, he may p…

necessary.] Any person interested in any bond by virtue of the attachment and replevin laws, may maintain suit thereon without any assignment by the officer to whom the same is given. History: C.L. 1897, § 2685(222)(236), added by Laws 1907, ch. 107, § 1(222)(236); Code 1915, § 4…

It shall be lawful for any party of whom a bond, undertaking or other obligation is required, to agree with his surety or sureties for the deposit of any or all moneys and assets for which he and his surety or sureties are or may be held responsible, with a bank or trust company,…

authorized.] A. Any domestic or foreign surety company which has qualified to transact surety business in this state may, in any year, become surety in an amount not to exceed two hundred dollars ($200.00) with respect to any guaranteed arrest bond certificates issued in such yea…

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.

[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 …

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 r…

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…

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 nom…

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 abs…

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 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.

transfer; designation of initial custodian; control. 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 tra…

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 i…

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 o…

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 n…

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 person…

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 no…

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 val…

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 proce…

designation of successor custodian. 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 …

A. A minor who has attained the age of fourteen years, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor or a transferor's legal representative may petition the court: (1) for an accounting by the custodian or the cust…

The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of: A. the minor's attainment of twenty-one years of age with respect to custodial property transferred under Section 5 or 6 [46-7-15 or 46-7-16 NMS…

The Uniform Transfers to Minors Act applies to a transfer within the scope of Section 3 [46-7-13 NMSA 1978] of that act made after its effective date if: A. the transfer purports to have been made under the Uniform Gifts to Minors Act of New Mexico; or B. the instrument by which …

A. Any transfer of custodial property as now defined in the Uniform Transfers to Minors Act made before the effective date of that act is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act for the coverage of custodial property of th…

The Uniform Transfers to Minors Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of that act among states enacting it. History: Laws 1989, ch. 357, § 24.

Sections 1 through 10 [46-8-1 to 46-8-10 NMSA 1978] of this act may be cited as the "Uniform Act for Simplification of Fiduciary Security Transfers". History: Laws 1991, ch. 177, § 1.

The Uniform Act for the Simplification of Fiduciary Transfers does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession or other taxes imposed by the laws of this state. History: Laws 1991, ch. 177, § 10. ARTICLE 9 Uniform M…

In the Uniform Act for Simplification of Fiduciary Security Transfers, unless the context otherwise requires: A. "assignment" includes any written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer; B. "claim of beneficial interest" …

A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent or correct description of the fiduciary relationship; and thereafter the corporation and its tra…

Except as otherwise provided in the Uniform Act for Simplification of Fiduciary Security Transfers, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary: A. may assume without inquiry that the assignment, even though to the fidu…

A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency: A. in the case of a fiduciary appointed or qualified by a court, a certificate issued by or…

A. A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written no…

A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by the Uniform Act for Simplification of Fiduciary Security Transfers. History: Laws 1991, ch. 177, § 7.

A. No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire …

A. The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is or…

History: Laws 1997, ch. 199, § 1; repealed by Laws 2009, ch. 130, § 11.

History: Laws 1997, ch. 199, § 10; repealed by Laws 2009, ch. 130, § 11.