In most scenarios, yes. Breach of fiduciary duty can apply to any of the following: A trustee who mismanages or embezzles assets held in trust A financial officer or other designate acting in the interests of shareholders or a privately held company An individual assigned with guardianship or conservator status Someone granted the durable financial power of attorney A professional service provider (accountant, insurer, etc.) who acts in bad faith for the purposes of self-gain or to cover up gross incompetence It is true that New Mexico lacks statutory language covering all of the above scenarios under a cause of action (reason to sue) known as “breach of fiduciary duty”. Notwithstanding, individuals in New Mexico are protected by a host of other laws and court precedents enforcing good-faith behavior on the part of a fiduciary.