Chapter 46, Chapter 46

This act [46-9A-1 to 46-9A-10 NMSA 1978] may be cited as the "Uniform Prudent Management of Institutional Funds Act". History: Laws 2009, ch. 130, § 1.

In applying and construing the Uniform Prudent Management of Institutional Funds Act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: Laws 2009, ch. 130, § 10.

As used in the Uniform Prudent Management of Institutional Funds Act: A. "charitable purpose" means the relief of poverty, advancement of education or religion, promotion of health, promotion of a governmental purpose or any other purpose the achievement of which is beneficial to…

institutional fund. A. Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. B. In addition to complyi…

endowment fund; rules of construction. A. Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes and dur…

A. Subject to any specific limitation set forth in a gift instrument or in any law other than the Uniform Prudent Management of Institutional Funds Act, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an i…

investment or purpose. A. If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment or purpose of an institutional fund. A release or modification may not allow a fund t…

Compliance with the Uniform Prudent Management of Institutional Funds Act is determined in light of the facts and circumstances existing at the time a decision is made or action is taken and not by hindsight. History: Laws 2009, ch. 130, § 7.

The Uniform Prudent Management of Institutional Funds Act applies to institutional funds existing on or established after July 1, 2009. As applied to institutional funds existing on July 1, 2009, the Uniform Prudent Management of Institutional Funds Act governs only decisions mad…

Commerce Act. The Uniform Prudent Management of Institutional Funds Act modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit or supersede Section 101 of that act, 15 U.S.C…

Sections 101 through 603 [46-11-101 to 46-11-603] of this act may be cited as the "Uniform Powers of Appointment Act". History: Laws 2016, ch. 69, § 101.

As used in the Uniform Powers of Appointment Act: A. "appointee" means a person to which a powerholder makes an appointment of appointive property; B. "appointive property" means the property or property interest subject to a power of appointment; C. "blanket-exercise clause" mea…

Unless the terms of the instrument creating a power of appointment manifest a contrary intent: A. the creation, revocation or amendment of the power is governed by the law of the donor's domicile at the relevant time; and B. the exercise, release or disclaimer of the power, or th…

The common law and principles of equity supplement the Uniform Powers of Appointment Act, except to the extent modified by that act or New Mexico law other than that act. History: Laws 2016, ch. 69, § 104.

A. A power of appointment is created only if: (1) the instrument creating the power: (a) is valid under applicable law; and (b) except as otherwise provided in Subsection B of this section, transfers the appointive property; and (2) the terms of the instrument creating the power …

A powerholder shall not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses. History: Laws 2016, ch. 69, § 202.

Subject to Section 205 [46-11-205 NMSA 1978] of the Uniform Powers of Appointment Act, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is: A. presently exercisable; B. exclusionary; and C. except as otherwise provided i…

Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if: A. the power is exercisable only at the powerholder's death; and B. the permissible appointees of the power are a defined and limited class that does not inc…

A. As used in this section, "adverse party" means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of…

A donor may revoke or amend a power of appointment only to the extent that: A. the instrument creating the power is revocable by the donor; or B. the donor reserves a power of revocation or amendment in the instrument creating the power of appointment. History: Laws 2016, ch. 69,…

A power of appointment is exercised only: A. if the instrument exercising the power is valid under applicable law; and B. if the terms of the instrument exercising the power: (1) manifest the powerholder's intent to exercise the power; and (2) subject to Section 304 [46-11-304 NM…

clause. A. As used in this section: (1) "residuary clause" does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause; and (2) "will" includes a codicil and a testamentary instrument that revises another will. B. A residuary clause in a…

Unless the terms of the instrument exercising a power of appointment manifest a contrary intent: A. except as otherwise provided in Subsection B of this section, a blanket-exercise clause extends to a power acquired by the powerholder after executing the instrument containing the…

requirement. A powerholder's substantial compliance with a formal requirement of appointment imposed by the donor, including a requirement that the instrument exercising the power of appointment make reference or specific reference to the power, is sufficient if: A. the powerhold…

A. A powerholder of a general power of appointment that permits appointment to the powerholder or the powerholder's estate may make any appointment, including an appointment in trust or creating a new power of appointment, that the powerholder could make in disposing of the power…

appointee's descendant. A. Subject to Sections 45-2-603 and 45-2-707 NMSA 1978, an appointment to a deceased appointee is ineffective. B. Unless the terms of the instrument creating a power of appointment manifest a contrary intent, a powerholder of a nongeneral power may exercis…

A. Except as otherwise provided in Section 306 [46-11-306 NMSA 1978] of the Uniform Powers of Appointment Act, an exercise of a power of appointment in favor of an impermissible appointee is ineffective. B. An exercise of a power of appointment in favor of a permissible appointee…

If a powerholder exercises a power of appointment in a disposition that also disposes of property the powerholder owns, the owned property and the appointive property must be allocated in the permissible manner that best carries out the powerholder's intent. History: Laws 2016, c…

property under general power. To the extent a powerholder of a general power of appointment, other than a power to withdraw property from, revoke or amend a trust, makes an ineffective appointment: A. the gift-in-default clause controls the disposition of the ineffectively appoin…

unexercised general power. To the extent a powerholder releases or fails to exercise a general power of appointment other than a power to withdraw property from, revoke or amend a trust: A. the gift-in-default clause controls the disposition of the unappointed property; or B. if …

unexercised nongeneral power. To the extent a powerholder releases, ineffectively exercises or fails to exercise a nongeneral power of appointment: A. the gift-in-default clause controls the disposition of the unappointed property; or B. if there is no gift-in-default clause or t…

appointment to taker in default. Unless the terms of the instrument creating or exercising a power of appointment manifest a contrary intent, if the powerholder makes a valid partial appointment to a taker in default of appointment, the taker in default of appointment may share f…

If a powerholder makes an appointment to a taker in default of appointment and the appointee would have taken the property under a gift-in-default clause had the property not been appointed, the power of appointment is deemed not to have been exercised and the appointee takes und…

A powerholder may revoke or amend an exercise of a power of appointment only to the extent that: A. the powerholder reserves a power of revocation or amendment in the instrument exercising the power of appointment and, if the power is nongeneral, the terms of the instrument creat…

As provided by the Uniform Disclaimer of Property Interests Act [45-2-1101 to 45-2- 1116 NMSA 1978]: A. a powerholder may disclaim all or part of a power of appointment; and B. a permissible appointee, appointee or taker in default of appointment may disclaim all or part of an in…

A powerholder may release a power of appointment, in whole or in part, except to the extent that the terms of the instrument creating the power prevent the release. History: Laws 2016, ch. 69, § 402.

A powerholder of a releasable power of appointment may release the power in whole or in part: A. by substantial compliance with a method provided in the terms of the instrument creating the power; or B. if the terms of the instrument creating the power do not provide a method or …

A powerholder may revoke or amend a release of a power of appointment only to the extent that: A. the instrument of release is revocable by the powerholder; or B. the powerholder reserves a power of revocation or amendment in the instrument of release. History: Laws 2016, ch. 69,…

appointment. A powerholder of a presently exercisable power of appointment may contract: A. not to exercise the power; or B. to exercise the power if the contract when made does not confer a benefit on an impermissible appointee. History: Laws 2016, ch. 69, § 405.

exercisable. A powerholder of a power of appointment that is not presently exercisable may contract to exercise or not to exercise the power only if the powerholder: A. is also the donor of the power; and B. has reserved the power in a revocable trust. History: Laws 2016, ch. 69,…

appoint. The remedy for a powerholder's breach of a contract to appoint or not to appoint appointive property is limited to damages payable out of the appointive property or, if appropriate, specific performance of the contract. History: Laws 2016, ch. 69, § 407.

A. As used in this section, "power of appointment created by the powerholder" includes a power of appointment created in a transfer by another person to the extent that the powerholder contributed value to the transfer. B. Appointive property subject to a general power of appoint…

powerholder. A. Except as otherwise provided in Subsection B of this section, appointive property subject to a general power of appointment created by a person other than the powerholder is subject to a claim of a creditor of: (1) the powerholder, to the extent that the powerhold…

A. For purposes of this article and except as otherwise provided in Subsection B of this section, a power to withdraw property from a trust is treated, during the time the power may be exercised, as a presently exercisable general power of appointment to the extent of the propert…

A. Except as otherwise provided in Subsections B and C of this section, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder's estate. B. Appointive property subject to a nongeneral power of ap…

In applying and construing the Uniform Powers of Appointment Act, consideration shall be given to the need to promote uniformity of the act with respect to its subject matter among states that enact it. History: Laws 2016, ch. 69, § 601.

Commerce Act. The Uniform Powers of Appointment Act modifies, limits or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit or supersede Section 101(c) of that act, 15 U.S.C. Section 7001(c), or auth…

A. Except as otherwise provided in the Uniform Powers of Appointment Act, on and after January 1, 2017: (1) the Uniform Powers of Appointment Act applies to a power of appointment created before, on or after January 1, 2017; (2) the Uniform Powers of Appointment Act applies to a …

Sections 1-101 through 1-129 [46-12-101 to 46-12-129 NMSA 1978] of this act may be cited as the "Uniform Trust Decanting Act". History: Laws 2016, ch. 72, § 1-101.

As used in the Uniform Trust Decanting Act: A. "appointive property" means the property or property interest subject to a power of appointment; B. "ascertainable standard" means a standard relating to an individual's health, education, support or maintenance within the meaning of…