Chapter 46 — Chapter 46

History: Laws 1997, ch. 199, § 11; repealed by Laws 2009, ch. 130, § 11.

History: Laws 1997, ch. 199, § 12; repealed by Laws 2009, ch. 130, § 11.

History: Laws 1997, ch. 199, § 2; repealed by Laws 2009, ch. 130, § 11.

History: Laws 1997, ch. 199, § 3; repealed by Laws 2009, ch. 130, § 11.

History: Laws 1997, ch. 199, § 4; repealed by Laws 2009, ch. 130, § 11.

History: Laws 1997, ch. 199, § 5; repealed by Laws 2009, ch. 130, § 11.

History: Laws 1997, ch. 199, § 6; repealed by Laws 2009, ch. 130, § 11.

History: Laws 1997, ch. 199, § 7; repealed by Laws 2009, ch. 130, § 11.

History: Laws 1997, ch. 199, § 8; repealed by Laws 2009, ch. 130, § 11.

History: Laws 1997, ch. 199, § 9; repealed by Laws 2009, ch. 130, § 11.

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…

History: Laws 2001, ch. 290, § 1; recompiled by Laws 2011, ch. 124, § 89.

History: Laws 2001, ch. 290, § 10; recompiled by Laws 2011, ch. 124, § 101.

History: Laws 2001, ch. 290, § 11; recompiled by Laws 2011, ch. 124, § 101.

History: Laws 2001, ch. 290, § 12; recompiled by Laws 2011, ch. 124, § 92.

History: Laws 2001, ch. 290, § 13; recompiled by Laws 2011, ch. 124, § 101.

History: Laws 2001, ch. 290, § 14; recompiled by Laws 2011, ch. 124, § 101.

History: Laws 2001, ch. 290, § 15; recompiled by Laws 2011, ch. 124, § 93.

History: Laws 2001, ch. 290, § 16; recompiled by Laws 2011, ch. 124, § 101.

History: Laws 2001, ch. 290, § 17; repealed by Laws 2011, ch. 124, § 97.

History: Laws 2001, ch. 290, § 2; recompiled by Laws 2011, ch. 124, § 90.

History: Laws 2001, ch. 290, § 3; recompiled by Laws 2011, ch. 124, § 101.

History: Laws 2001, ch. 290, § 4; recompiled by Laws 2011, ch. 124, § 101.

History: Laws 2001, ch. 290, § 5; recompiled by Laws 2011, ch. 124, § 101.

History: Laws 2001, ch. 290, § 6; recompiled by Laws 2011, ch. 124, § 91.

History: Laws 2001, ch. 290, § 7; recompiled by Laws 2011, ch. 124, § 101.

History: Laws 2001, ch. 290, § 8; recompiled by Laws 2011, ch. 124, § 101.

History: Laws 2001, ch. 290, § 9; recompiled by Laws 2011, ch. 124, § 101.

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…