Chapter 46, Chapter 46

A. Except as otherwise provided in Subsections B and C of this section, the Uniform Trust Decanting Act applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest. B. The Uniform Trust D…

A. In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust. B. The Uniform Trust Decanting Act does not create or imply a duty to exercise the decant…

A. The Uniform Trust Decanting Act applies to a trust that: (1) has its principal place of administration in New Mexico, including a trust whose principal place of administration has been changed to New Mexico; or (2) provides by its trust instrument that it is governed by New Me…

A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust under the Uniform Trust Decanting Act, New Mexico law other than the Uniform Trust Decanting Act or the law …

A. In this section, a notice period begins on the day notice is given under Subsection C of this section and ends fifty-nine days after the day notice is given. B. Except as otherwise provided in the Uniform Trust Decanting Act, an authorized fiduciary may exercise the decanting …

A. Notice to a person with authority to represent and bind another person under a first-trust instrument or the Uniform Trust Code [Chapter 46A NMSA 1978] has the same effect as notice given directly to the person represented. B. Consent of or waiver by a person with authority to…

A. On application of an authorized fiduciary, a person entitled to notice under Subsection C of Section 1-107 [46-12-107 NMSA 1978] of the Uniform Trust Decanting Act, a beneficiary or, with respect to a charitable interest, the attorney general or other person that has standing …

An exercise of the decanting power shall be made in a record signed by an authorized fiduciary. The signed record shall, directly or by reference to the notice required by Section 1-107 [46-12-107 NMA 1978] of the Uniform Trust Decanting Act, identify the first trust and the seco…

A. As used in this section: (1) "noncontingent right" means a right that is not subject to the exercise of discretion or the occurrence of a specified event that is not certain to occur. "Noncontingent right" does not include a right held by a beneficiary if any person has discre…

A. As used in this section, "limited distributive discretion" means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard. B. An authorized fiduciary that has limited distributive discretion over the principal of the …

A. As used in this section: (1) "beneficiary with a disability" means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the beneficiary currently receives those benefits or is an indiv…

A. As used in this section: (1) "determinable charitable interest" means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event or after the passage of a specified time and that is unconditional or will be…

A. An authorized fiduciary shall not exercise the decanting power to the extent that the first-trust instrument expressly prohibits exercise of: (1) the decanting power; or (2) a power granted by state law to the fiduciary to distribute part or all of the principal of the trust t…

A. If a first-trust instrument specifies an authorized fiduciary's compensation, the fiduciary shall not exercise the decanting power to increase the fiduciary's compensation above the specified compensation unless: (1) all qualified beneficiaries of the second trust consent to t…

A. Except as otherwise provided in this section, a second-trust instrument shall not relieve an authorized fiduciary from liability for breach of trust to a greater extent than the first-trust instrument. B. A second-trust instrument may provide for indemnification of an authoriz…

An authorized fiduciary shall not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless: A. the person holding the power consents to the modification in a signed record and the modifi…

A. As used in this section: (1) "grantor trust" means a trust as to which a settlor of a first trust is considered the owner under 26 U.S.C. Sections 671 through 677, as amended, or 26 U.S.C. Section 679, as amended; (2) "Internal Revenue Code" means the United States Internal Re…

A. Subject to Subsection B of this section, a second trust may have a duration that is the same as or different from the duration of the first trust. B. To the extent that property of a second trust is attributable to property of the first trust, the property of the second trust …

An authorized fiduciary may exercise the decanting power regardless of whether under the first trust's discretionary distribution standard the fiduciary would have made, or could have been compelled to make, a discretionary distribution of principal at the time of the exercise. H…

A. If exercise of the decanting power would be effective under the Uniform Trust Decanting Act except that the second-trust instrument in part does not comply with the Uniform Trust Decanting Act, the exercise of the power is effective and the following rules apply with respect t…

A. As used in this section: (1) "animal trust" means a trust or an interest in a trust created to provide for the care of one or more animals; and (2) "protector" means a person appointed in an animal trust to enforce the trust on behalf of the animal or, if no such person is app…

A reference in the Uniform Trust Code [Chapter 46A NMSA 1978] to a trust instrument or terms of the trust includes a second-trust instrument and the terms of the second trust. History: Laws 2016, ch. 72, § 1-124.

A. For purposes of New Mexico law other than the Uniform Trust Decanting Act and subject to Subsection B of this section, a settlor of a first trust is deemed to be the settlor of the second trust with respect to the portion of the principal of the first trust subject to the exer…

A. Except as otherwise provided in Subsection C of this section, if exercise of the decanting power was intended to distribute all the principal of the first trust to one or more second trusts, later-discovered property belonging to the first trust and property paid to or acquire…

A debt, liability or other obligation enforceable against property of a first trust is enforceable to the same extent against the property when held by the second trust after exercise of the decanting power. History: Laws 2016, ch. 72, § 1-127.

In applying and construing the Uniform Trust Decanting 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 2016, ch. 72, § 1-128.

Commerce Act. The Uniform Trust Decanting 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 authorize …

Sections 1 through 18 of this act [46-13-1 to 46-13-18 NMSA 1978] may be cited as the "Revised Uniform Fiduciary Access to Digital Assets Act". History: Laws 2017, ch. 72, § 1.

Unless otherwise ordered by the court, directed by the principal or provided by a power of attorney, a custodian shall disclose to an agent with specific authority over digital assets or general authority to act on behalf of a principal a catalogue of electronic communications se…

an original user. Unless otherwise ordered by the court or provided in a trust, a custodian shall disclose to a trustee that is an original user of an account any digital asset of the account held in trust, including a catalogue of electronic communications of the trustee and the…

in trust when trustee is not an original user. Unless otherwise ordered by the court, directed by the user or provided in a trust, a custodian shall disclose to a trustee that is not an original user of an account the content of an electronic communication sent or received by an …

trustee is not an original user. Unless otherwise ordered by the court, directed by the user or provided in a trust, a custodian shall disclose, to a trustee that is not an original user of an account, a catalogue of electronic communications sent or received by an original or su…

person. A. After an opportunity for a hearing under Chapter 45, Article 5 NMSA 1978, the court may grant a conservator access to the digital assets of a protected person. B. Unless otherwise ordered by the court or directed by the user, a custodian shall disclose to a conservator…

A. The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including: (1) the duty of care; (2) the duty of loyalty; and (3) the duty of confidentiality. B. A fiduciary's or designated recipient's authority with r…

A. Not later than sixty days after receipt of the information required under Sections 7 through 15 [46-13-7 to 46-13-15 NMSA 1978] of the Revised Uniform Fiduciary Access to Digital Assets Act, a custodian shall comply with a request under the Revised Uniform Fiduciary Access to …

In applying and construing the Revised Uniform Fiduciary Access to Digital Assets 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 2017, ch. 72, § 17.

Commerce Act. The Revised Uniform Fiduciary Access to Digital Assets Act modifies, limits or 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(c) of that act, 15 U.…

As used in the Revised Uniform Fiduciary Access to Digital Assets Act: A. "account" means an arrangement under a terms-of-service agreement in which a custodian carries, maintains, processes, receives or stores a digital asset of the user or provides goods or services to the user…

A. The Revised Uniform Fiduciary Access to Digital Assets Act applies to: (1) a fiduciary acting under a will or power of attorney executed before, on or after July 1, 2017; (2) a personal representative acting for a decedent who died before, on or after July 1, 2017; (3) a conse…

A. A user may use an online tool to direct the custodian to disclose to a designated recipient or not to disclose some or all of the user's digital assets, including the content of electronic communications. If the online tool allows the user to modify or delete a direction at al…

A. The Revised Uniform Fiduciary Access to Digital Assets Act does not change or impair a right of a custodian or a user under a terms-of-service agreement to access and use digital assets of the user. B. The Revised Uniform Fiduciary Access to Digital Assets Act does not give a …

A. When disclosing digital assets of a user under the Revised Uniform Fiduciary Access to Digital Assets Act, the custodian may at its sole discretion: (1) grant a fiduciary or designated recipient full access to the user's account; (2) grant a fiduciary or designated recipient p…

deceased user. If a deceased user consented to, or a court directs, disclosure of the contents of electronic communications of the user, the custodian shall disclose to the personal representative of the estate of the user the content of an electronic communication sent or receiv…

Unless the user prohibited disclosure of digital assets or the court directs otherwise, a custodian shall disclose to the personal representative of the estate of a deceased user a catalogue of electronic communications sent or received by the user and digital assets, other than …

principal. To the extent a power of attorney expressly grants an agent authority over the content of electronic communications sent or received by the principal and unless directed otherwise by the principal or the court, a custodian shall disclose to the agent the content if the…

Sections 1 through 18 [46-14-1 to 46-14-18 NMSA 1978] of this act may be cited as the "Uniform Directed Trust Act". History: Laws 2018, ch. 63, § 1.

A. Subject to Section 11 [46-14-11 NMSA 1978] of the Uniform Directed Trust Act, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: (1) the powers or duties of the trustee; and (2) the powers or duties of the direc…

A. Unless the terms of a trust provide otherwise: (1) a trustee does not have a duty to: (a) monitor a trust director; or (b) inform or give advice to a settlor, beneficiary, trustee or trust director concerning an instance in which the trustee might have acted differently than t…

The terms of a trust may relieve a cotrustee [co-trustee] from duty and liability with respect to another cotrustee's [co-trustee's] exercise or nonexercise of a power of the other cotrustee [co-trustee] to the same extent that, in a directed trust, a directed trustee is relieved…

A. An action against a trust director for breach of trust shall be commenced within the same limitation period provided for in Section 46A-10-1005 NMSA 1978 for an action for breach of trust against a trustee in a like position and under similar circumstances. B. A report or acco…