Chapter 46, Chapter 46

In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee. History: Laws 2018, ch. 63, § 14.

A. By accepting appointment as a trust director of a trust subject to the Uniform Directed Trust Act, the director submits to the personal jurisdiction of the courts of New Mexico regarding any matter related to a power or duty of the director. B. This section does not preclude o…

Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: A. acceptance under Section 46A-7-701 NMSA 1978; B. giving of bond to secure performance under Section 46A-7-702 NMSA 1978; C. reasonable co…

In applying and construing the Uniform Directed Trust 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 2018, ch. 63, § 17.

Commerce Act. The Uniform Directed Trust 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 e…

As used in the Uniform Directed Trust Act: A. "breach of trust" includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, by the Uniform Directed Trust Act or by another law of New Mexico pertaining to trusts; B. …

A. The Uniform Directed Trust Act applies to a trust, whenever created, that has its principal place of administration in New Mexico, subject to the following rules: (1) if the trust was created before January 1, 2019, that act applies only to a decision or action occurring on or…

The common law and principles of equity supplement the Uniform Directed Trust Act, except to the extent modified by that act or another law of New Mexico. History: Laws 2018, ch. 63, § 4.

A. As used in this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in, or another power of appointment over, trust property. B. The Uniform Directed Trust Act does not apply to…

A. Subject to Section 7 [46-14-7 NMSA 1978] of the Uniform Directed Trust Act, the terms of a trust may grant a power of direction to a trust director. B. Unless the terms of a trust provide otherwise: (1) a trust director may exercise any further power appropriate to the exercis…

A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under Paragraph (1) of Subsection B of Section 6 [46-14-6 NMSA 1978] of the Uniform Directed Trust…

A. Subject to Subsection B of this section, with respect to a power of direction or a further power under Paragraph (1) of Subsection B of Section 6 [46-14-6 NMSA 1978] of the Uniform Directed Trust Act: (1) a trust director has the same fiduciary duty and liability in the exerci…

A. Subject to Subsection B of this section, a directed trustee shall take reasonable action to comply with a trust director's exercise or nonexercise of a power of direction or further power under Paragraph (1) of Subsection B of Section 6 [46-14-6 NMSA 1978] of the Uniform Direc…