reglab/housing_qa huggingface dataset:
NM Stat § 46-3A-404 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 2 - RECEIPTS NOT NORMALLY APPORTIONED|Section 46-3A-404 - Principal receipts.

A trustee shall allocate to principal: (1) to the extent not allocated to income under the Uniform Principal and Income Act, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest or a payer under a contract naming the trust or its trustee as beneficiary; (2) money or other property received from the sale, exchange, liquidation or change in form of a principal asset, including realized profit, subject to Article 4 [46-3A-401 to 46-3A-415 NMSA 1978]; (3) amounts recovered from third parties to reimburse the trust because of disbursements described in Section 502(a)(7) [46-3A-502 NMSA 1978] or for other reasons to the extent not based on the loss of income; (4) proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income; (5) net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and (6) other receipts as provided in Part 3 [46-3A-408 NMSA 1978]. History: Laws 2001, ch. 113, § 404. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-405 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 2 - RECEIPTS NOT NORMALLY APPORTIONED|Section 46-3A-405 - Rental property.

To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount. History: Laws 2001, ch. 113, § 405. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-406 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 2 - RECEIPTS NOT NORMALLY APPORTIONED|Section 46-3A-406 - Obligation to pay money.

(a) An amount received as interest, whether determined at a fixed, variable or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization of premium. (b) A trustee shall allocate to principal an amount received from the sale, redemption or other disposition of an obligation to pay money to the trustee more than one year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust must be allocated to income. (c) This section does not apply to an obligation to which Section 409, 410, 411, 412, 414 or 415 [46-3A-409, 46-3A-410, 46-3A-411, 46-3A-412, 46-3A-414, 46-3A-415 NMSA 1978] applies. History: Laws 2001, ch. 113, § 406. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-407 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 2 - RECEIPTS NOT NORMALLY APPORTIONED|Section 46-3A-407 - Insurance policies and similar contracts.

(a) Except as otherwise provided in Subsection (b), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income and to principal if the premiums are paid from principal. (b) A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income or, subject to Section 403 [46-3A-403 NMSA 1978], loss of profits from a business. (c) This section does not apply to a contract to which Section 409 [46-3A-409 NMSA 1978] applies. History: Laws 2001, ch. 113, § 407. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-408 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 3 - RECEIPTS NORMALLY APPORTIONED|Section 46-3A-408 - Insubstantial allocations not required.

If a trustee determines that an allocation between principal and income required by Section 409, 410, 411, 412 or 415 [46-3A-409, 46-3A-410, 46-3A-411, 46-3A-412 or 46-3A-415 NMSA 1978] is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in Section 104(c) [46-3A-104 NMSA 1978] applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in Section 104(d) and may be released for the reasons and in the manner described in Section 104(e). An allocation is presumed to be insubstantial if: (1) the amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than ten percent; or (2) the value of the asset producing the receipt for which the allocation would be made is less than ten percent of the total value of the trust's assets at the beginning of the accounting period. History: Laws 2001, ch. 113, § 408. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-410 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 3 - RECEIPTS NORMALLY APPORTIONED|Section 46-3A-410 - Liquidating asset.

(a) As used in this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance. The term does not include a payment subject to Section 409 [46-3A-409 NMSA 1978], resources subject to Section 411 [46-3A-411 NMSA 1978], timber subject to Section 412 [46-3A-412 NMSA 1978], an activity subject to Section 414 [46-3A-414 NMSA 1978], an asset subject to Section 415 [46-3A-415 NMSA 1978] or any asset for which the trustee establishes a reserve for depreciation under Section 503 [46-3A-503 NMSA 1978]. (b) A trustee shall allocate to income ten percent of the receipts from a liquidating asset and the balance to principal. History: Laws 2001, ch. 113, § 410. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-411 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 3 - RECEIPTS NORMALLY APPORTIONED|Section 46-3A-411 - Minerals, water and other natural resources.

(a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows: (1) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income. (2) If received from a production payment, a receipt must be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent. The balance must be allocated to principal. (3) If an amount is received from a working interest, royalty payment, shut-in well payment, take-or-pay payment, bonus or delay rental or any other interest not provided for in Paragraph (1) or (2) of this subsection, the amount that is allowed as a deduction from gross income for depletion purposes under the federal income tax law in effect at the time of severance shall be allocated to principal and the balance to income. If the amount that is allowed as a deduction is less than fifteen percent of gross income for depletion purposes, or if depletion is not allowed, then the amount to be allocated to principal and the amount to be allocated to income shall be determined in accordance with Section 104 [46-3A-104 NMSA 1978]. (b) An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, ninety percent of the amount must be allocated to principal and the balance to income. (c) The Uniform Principal and Income Act applies whether or not a decedent or donor was extracting minerals, water or other natural resources before the interest became subject to the trust. (d) If a trust owns an interest in minerals, water or other natural resources on the effective date of the Uniform Principal and Income Act, the trustee may allocate receipts from the interest as provided in that act or in the manner used by the trustee before the effective date of that act. If the trust acquires an interest in minerals, water or other natural resources after the effective date of the Uniform Principal and Income Act, the trustee shall allocate receipts from the interest as provided in that act. History: Laws 2001, ch. 113, § 411. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-412 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 3 - RECEIPTS NORMALLY APPORTIONED|Section 46-3A-412 - Timber.

(a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts: (1) to income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest; (2) to principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber; (3) to or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in Paragraphs (1) and (2); or (4) to principal to the extent that advance payments, bonuses and other payments are not allocated pursuant to Paragraph (1), (2) or (3). (b) In determining net receipts to be allocated pursuant to Subsection (a), a trustee shall deduct and transfer to principal a reasonable amount for depletion. (c) The Uniform Principal and Income Act applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust. (d) If a trust owns an interest in timberland on the effective date of the Uniform Principal and Income Act, the trustee may allocate net receipts from the sale of timber and related products as provided in that act or in the manner used by the trustee before the effective date of that act. If the trust acquires an interest in timberland after the effective date of the Uniform Principal and Income Act, the trustee shall allocate net receipts from the sale of timber and related products as provided in that act. History: Laws 2001, ch. 113, § 412. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-413 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 3 - RECEIPTS NORMALLY APPORTIONED|Section 46-3A-413 - Property not productive of income.

(a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under Section 104 [46-3A-104 NMSA 1978] and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time or exercise the power conferred by Section 104(a). The trustee may decide which action or combination of actions to take. (b) In cases not governed by Subsection (a), proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period. History: Laws 2001, ch. 113, § 413. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-414 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 3 - RECEIPTS NORMALLY APPORTIONED|Section 46-3A-414 - Derivatives and options.

(a) As used in this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets. (b) To the extent that a trustee does not account under Section 403 [46-3A-403 NMSA 1978] for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions. (c) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal. History: Laws 2001, ch. 113, § 414. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-415 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 4 - ALLOCATION OF RECEIPTS|Part 3 - RECEIPTS NORMALLY APPORTIONED|Section 46-3A-415 - Asset-backed securities.

(a) As used in this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset to which Section 401 or 409 [46-3A-401 or 46-3A-409 NMSA 1978] applies. (b) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal. (c) If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the trustee shall allocate ten percent of the payment to income and the balance to principal. History: Laws 2001, ch. 113, § 415. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 55-9-106 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 1 - GENERAL PROVISIONS|Subpart 1 - SHORT TITLE, DEFINITIONS, ANDGENERAL CONCEPTS|Section 55-9-106 - Control of investment property.

(a) A person has control of a certificated security, uncertificated security or security entitlement as provided in Section 55-8-106 NMSA 1978. (b) A secured party has control of a commodity contract if: (1) the secured party is the commodity intermediary with which the commodity contract is carried; or (2) the commodity customer, secured party and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer. (c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account. History: 1978 Comp., § 55-9-106, enacted by Laws 2001, ch. 139, § 6. ANNOTATIONSOFFICIAL COMMENTS UCC Official Comments by ALI & the NCCUSL. Reproduced with permission of the PEB for the UCC. All rights reserved. 1. Source. Former section 9-115(e). 2. "Control" Under Article 8. For an explanation of "control" of securities and certain other investment property, see Section 8-106, comments 4 and 7. 3. "Control" of Commodity Contracts. This section, as did former Section 9-115(1)(e), contains provisions relating to control of commodity contracts which are analogous to those in Section 8-106 for other types of investment property. 4. Securities Accounts and Commodity Accounts. For drafting convenience, control with respect to a securities account or commodity account is defined in terms of obtaining control over the security entitlements or commodity contracts. Of course, an agreement that provides that (without further consent of the debtor) the securities intermediary or commodity intermediary will honor instructions from the secured party concerning a securities account or commodity account described as such is sufficient. Such an agreement necessarily implies that the intermediary will honor instructions concerning all security entitlements or commodity contracts carried in the account and thus affords the secured party control of all the security entitlements or commodity contracts. Repeals and reenactments. — Laws 2001, ch. 139, § 6 repealed former 55-9-106 NMSA 1978, as amended by Laws 1997, ch. 75, § 23, and enacted a new section, effective July 1, 2001.
NM Stat § 55-9-111 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 1 - GENERAL PROVISIONS|Subpart 2 - APPLICABILITY OF ARTICLE|Section 55-9-111 - Repealed.

ANNOTATIONSRepeals. — Laws 1992, ch. 114, § 237C repeals 55-9-111 NMSA 1978, as enacted by Laws 1961, ch. 96, § 9-111, relating to consignment, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com.
NM Stat § 55-9-112 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 1 - GENERAL PROVISIONS|Subpart 2 - APPLICABILITY OF ARTICLE|Section 55-9-112 - Superseded.

ANNOTATIONSCompiler's notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. The Official Comments to Section 9-102 (55-9-102 NMSA 1978) states that the definition of "debtor" found in 9-102(a)(28) renders unnecessary former Section 9-112 (55-9-112 NMSA 1978).
NM Stat § 55-9-113 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 1 - GENERAL PROVISIONS|Subpart 2 - APPLICABILITY OF ARTICLE|Section 55-9-113 - Superseded.

ANNOTATIONSCompiler's notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. The Official Comments to Section 9-110 (55-9-110 NMSA 1978) states that the source of Section 9-110 (55-9-110 NMSA 1978) is "former Section 9-113 (55-9-113)".
NM Stat § 55-9-114 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 1 - GENERAL PROVISIONS|Subpart 2 - APPLICABILITY OF ARTICLE|Section 55-9-114 - Superseded.

ANNOTATIONSCompiler's notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. The Official Comments to Section 9-110 (55-9-110 NMSA 1978) states that the source of Section 9-110 (55-9-110 NMSA 1978) is "former Section 9-113 (55-9-113)".
NM Stat § 55-9-115 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 1 - GENERAL PROVISIONS|Subpart 2 - APPLICABILITY OF ARTICLE|Section 55-9-115 - Superseded.

ANNOTATIONSCompiler's notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. Subsection (1) of this section has been superseded by Section 9-102 (55-9-102 NMSA 1978) and 9-106 (55-9-106 NMSA 1978). Subsection (2) of this section has been superseded by Section 9-203 (55-9-203 NMSA 1978) and 55-9-308 (55-9-308 NMSA 1978). Subsection (3) of this section has been superseded by Section 9-108 (55-9-108 NMSA 1978). Subsection (4) has been superseded by Section 9-309 (55-9-309 NMSA 1978) and 9-314 (55-9-314 NMSA 1978). Subsection (5) has been superseded by Section 9-327 (55-9-327 NMSA 1978), 9-328 (55-9-328 NMSA 1978) and 9-329 (55-9-329 NMSA 1978). Subsection (6) of this section has been superseded by Section 9-203 (55-9-203 NMSA 1978) and 9-313 (55-9-313 NMSA 1978). See the Official Comments following each of those sections.
NM Stat § 55-9-116 (2021)
2021 New Mexico Statutes|Chapter 55 - Uniform Commercial Code|Article 9 - Secured Transactions|Part 1 - GENERAL PROVISIONS|Subpart 2 - APPLICABILITY OF ARTICLE|Section 55-9-116 - Superseded.

ANNOTATIONSCompiler's notes. — Several sections of former Article 9 were not repealed, however, it appears that this may have been an oversight as these sections appear to have been superseded. This section has been superseded by Section 9-206 (55-9-206 NMSA 1978) and 9-309 (55-9-309 NMSA 1978). The Official Comments state that the source of Section 9-206 (55-9-206 NMSA 1978) is "former Section 9-206 (55-9-206)" and "former Section 9-309 (55-9-309)".