reglab/housing_qa huggingface dataset:
NM Stat § 46A-7-704 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 7 - Office of Trustee|Section 46A-7-704 - Vacancy in trusteeship; appointment of successor.

A. A vacancy in a trusteeship occurs if: (1) a person designated as trustee rejects the trusteeship; (2) a person designated as trustee cannot be identified or does not exist; (3) a trustee resigns; (4) a trustee is disqualified or removed; (5) a trustee dies; or (6) a guardian or conservator is appointed for an individual serving as trustee. B. If one or more co-trustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee. C. A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority: (1) by a person designated in the terms of the trust to act as successor trustee; (2) by a person appointed by unanimous agreement of the qualified beneficiaries; or (3) by a person appointed by the court. D. A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority: (1) by a person designated in the terms of the trust to act as successor trustee; (2) by a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the attorney general concurs in the selection; or (3) by a person appointed by the court. E. Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust. History: Laws 2003, ch. 122, § 7-704. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003. Death of trustee. — The death of a sole or surviving trustee does not terminate the trust, unless the settlor has manifested an intention that the trust shall be personal to the particular trustee. Butt v. Bank of America, N.A., 477 F.3d 1171 (10th Cir. 2007)
NM Stat § 46A-7-705 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 7 - Office of Trustee|Section 46A-7-705 - Resignation of trustee.

A. A trustee may resign: (1) upon at least thirty days' notice to the qualified beneficiaries, the settlor, if living, and all co-trustees; or (2) with the approval of the court. B. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property. C. Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation. History: Laws 2003, ch. 122, § 7-705; 2007, ch. 128, § 20. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, required a trustee to given notice of resignation to the settlor.
NM Stat § 46A-7-706 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 7 - Office of Trustee|Section 46A-7-706 - Removal of trustee.

A. The settlor, a co-trustee or a beneficiary may request the court to remove a trustee or a trustee may be removed by the court on its own initiative. B. The court may remove a trustee if: (1) the trustee has committed a serious breach of trust; (2) lack of cooperation among co-trustees substantially impairs the administration of the trust; (3) because of unfitness, unwillingness or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or (4) there has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable co-trustee or successor trustee is available. C. Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief as may be necessary to protect the trust property or the interests of the beneficiaries. History: Laws 2003, ch. 122, § 7-706. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-7-707 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 7 - Office of Trustee|Section 46A-7-707 - Delivery of property by former trustee.

A. Unless a co-trustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property. B. A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the co-trustee, successor trustee or other person entitled to it. History: Laws 2003, ch. 122, § 7-707. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-7-708 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 7 - Office of Trustee|Section 46A-7-708 - Compensation of trustee.

A. If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances. B. If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if: (1) the duties of the trustee are substantially different from those contemplated when the trust was created; or (2) the compensation specified by the terms of the trust would be unreasonably low or high. History: Laws 2003, ch. 122, § 7-708. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-7-709 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 7 - Office of Trustee|Section 46A-7-709 - Reimbursement of expenses.

A. A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for: (1) expenses that were properly incurred in the administration of the trust; and (2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust. B. An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest. History: Laws 2003, ch. 122, § 7-709. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-8-801 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-801 - Duty to administer trust.

Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries and in accordance with the Uniform Trust Code [46A-1-101 NMSA 1978]. History: Laws 2003, ch. 122, § 8-801. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003. Claim of breach of fiduciary duty against co-owner of trademark. — Where beneficiary of survivor trust claimed the co-owner of a trademark took actions that negatively impacted beneficiary's half interest in the trademark, court of appeals determined that the contention of negative impact on beneficiary's trademark interest was in the nature of a claim of trademark infringement by one co-owner against the other, not a claim of breach of fiduciary duty in the trust context; notwithstanding, the court of appeals held that when parties are co-owners of a trademark, one party cannot sue the other party for trademark infringement because a co-owner cannot infringe the trademark it owns. Khalsa v. Puri, 2015-NMCA-027, cert. denied, 2015-NMCERT-001. Fiduciary duty not owed to non-beneficiary of trust. — Where wife, as beneficiary of a survivor's trust, created from half of the community estate contained in a living trust following beneficiary's husband's death, claimed that the trustees of an administrative trust, created from the other half of the community estate contained in the living trust, breached their fiduciary duties in the management of the administrative trust, wife was precluded from claiming a breach of fiduciary duties when she was not a beneficiary of the administrative trust. Khalsa v. Puri, 2015-NMCA-027, cert. denied, 2015-NMCERT-001.
NM Stat § 46A-8-803 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-803 - Impartiality.

If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing and distributing the trust property, giving due regard to the beneficiaries' respective interests. History: Laws 2003, ch. 122, § 8-803. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-8-805 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-805 - Costs of administration.

In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust and the skills of the trustee. History: Laws 2003, ch. 122, § 8-805. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-8-806 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-806 - Trustee's skills.

A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise. History: Laws 2003, ch. 122, § 8-806. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-8-807 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-807 - Delegation by trustee.

A. A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in: (1) selecting an agent; (2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation. B. In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation. C. A trustee who complies with Subsection A of this section is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated. D. By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state. History: Laws 2003, ch. 122, § 8-807. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-8-808 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-808 - Repealed.

History: Laws 2003, ch. 122, § 8-808; repealed by Laws 2018, ch. 63, § 24. ANNOTATIONSRepeals. — Laws 2018, ch. 63, § 24 repealed 46A-8-808 NMSA 1978, as enacted by Laws 2003, ch. 122, § 8-808, relating to powers to direct, effective January 1, 2019. For provisions of former section, see the 2017 NMSA 1978 on NMOneSource.com.
NM Stat § 46A-8-809 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-809 - Control and protection of trust property.

A trustee shall take reasonable steps to take control of and protect the trust property. History: Laws 2003, ch. 122, § 8-809. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-8-810 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-810 - Recordkeeping and identification of trust property.

A. A trustee shall keep adequate records of the administration of the trust. B. A trustee shall keep trust property separate from the trustee's own property. C. Except as otherwise provided in Subsection D of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary. D. If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts. History: Laws 2003, ch. 122, § 8-810. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-8-811 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-811 - Enforcement and defense of claims.

A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust. History: Laws 2003, ch. 122, § 8-811. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-8-812 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-812 - Collecting trust property.

A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress a breach of trust known to the trustee to have been committed by a former trustee. History: Laws 2003, ch. 122, § 8-812. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-8-814 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-814 - Discretionary powers; tax savings.

A. Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as "absolute", "sole" or "uncontrolled", the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries. B. Subject to Subsection D of this section, and unless the terms of the trust expressly indicate that a rule in this subsection does not apply: (1) a person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee's personal benefit may exercise the power only in accordance with an ascertainable standard; and (2) a trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person. C. A power whose exercise is limited or prohibited by Subsection B of this section may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power. D. Subsection B of this section does not apply to: (1) a power held by the settlor's spouse who is the trustee of a trust for which a marital deduction, as defined in Section 2056(b)(5) or 2523(b)(5) of the Internal Revenue Code of 1986, as amended, was previously allowed; (2) any trust during any period that the trust may be revoked or amended by its settlor; or (3) a trust if contributions to the trust qualify for the annual exclusion under Section 2503(c) of the Internal Revenue Code of 1986, as amended. History: Laws 2003, ch. 122, § 8-814; 2007, ch. 128, § 23. ANNOTATIONSCross references. — For the federal Internal Revenue Code, see 26 U.S.C. § 1 et seq. The 2007 amendment, effective July 1, 2007, amended Paragraph (2) of Subsection B to eliminate the qualification that the ascertainable standard relate to the trustee's individual health, education, support or maintenance within the meaning of the Internal Revenue Code.
NM Stat § 46A-8-815 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-815 - General powers of trustee.

A. A trustee, without authorization by the court, may exercise: (1) powers conferred by the terms of the trust; and (2) except as limited by the terms of the trust: (a) all powers over the trust property that an unmarried competent owner has over individually owned property; (b) any other powers appropriate to achieve the proper investment, management and distribution of the trust property; and (c) any other powers conferred by the Uniform Trust Code [46A-1-101 NMSA 1978]. B. The exercise of a power is subject to the fiduciary duties prescribed by Chapter 46A, Article 8 NMSA 1978. History: Laws 2003, ch. 122, § 8-815; 2007, ch. 128, § 24. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, changed the statutory reference in Subsection B.
NM Stat § 46A-8-817 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 8 - Duties and Powers of Trustee|Section 46A-8-817 - Distribution upon termination.

A. Upon termination or partial termination of a trust, the trustee may send to the beneficiaries a proposal for distribution. The right of any beneficiary to object to the proposed distribution terminates if the beneficiary does not notify the trustee of an objection within thirty days after the proposal was sent, but only if the proposal informed the beneficiary of the right to object and of the time allowed for objection. B. Upon the occurrence of an event terminating or partially terminating a trust, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to it, subject to the right of the trustee to retain a reasonable reserve for the payment of debts, expenses and taxes. C. A release by a beneficiary of a trustee from liability for breach of trust is invalid to the extent: (1) it was induced by improper conduct of the trustee; or (2) the beneficiary, at the time of the release, did not know of the beneficiary's rights or of the material facts relating to the breach. History: Laws 2003, ch. 122, § 8-817. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-10-1001 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1001 - Breach of trust.

A. A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. B. To remedy a breach of trust that has occurred or may occur, the court may: (1) compel the trustee to perform the trustee's duties; (2) enjoin the trustee from committing a breach of trust; (3) compel the trustee to redress a breach of trust by paying money, restoring property or other means; (4) order a trustee to account; (5) appoint a special fiduciary to take possession of the trust property and administer the trust; (6) suspend the trustee; (7) remove the trustee as provided in Section 46A-7-706 NMSA 1978; (8) reduce or deny compensation to the trustee; (9) subject to Section 46A-10-1012 NMSA 1978, void an act of the trustee, impose a lien or a constructive trust on trust property or trace trust property wrongfully disposed of and recover the property or its proceeds; or (10) order any other appropriate relief. History: Laws 2003, ch. 122, § 10-1001; 2007, ch. 128, § 25. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, added Subsection B.
NM Stat § 46A-10-1003 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1003 - Damages in absence of breach.

A. A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. B. Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of trust property or for not having made a profit. History: Laws 2003, ch. 122, § 10-1003. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003. A trustee is prohibited from profiting from the trust. — A trustee may not retain any personal profit, whether or not there has been a breach of the duty of loyalty. The New Mexico Uniform Trust Code requires that a trustee disgorge all personal profit. Miller v. Bank of America, 2015-NMSC-022, rev'g 2014-NMCA-053, 326 P.3d 20. Where trustee bank, in a breach of its duty of care, invested trust assets in an unproductive commercial building in direct violation of express trust provisions, which caused an $894,000 loss in the value of the trust, arranged loans to the trust from the bank's own affiliates that were secured by mortgages on the building, and collected loan fees and mortgage interest from the trust in breach of its duty of loyalty, and where the district court awarded $171,000 in damages without discussing the actual method of calculation for the restoration award, the court of appeals reversed the district court and awarded plaintiffs $894,000 to restore the value of the trust, but did not award disgorgement damages, holding that an award of restoration damages and disgorgement damages would amount to a double recovery. The New Mexico supreme court reversed the court of appeals, holding that both restoration and disgorgement damages were required under the New Mexico Uniform Trust Code, and remanded the case back to the district court for a recalculation of damages because it was unclear whether disgorgement damages, the mortgage interest and loan fees paid to the trustee, were included in the calculation of the restoration award. Miller v. Bank of America, 2015-NMSC-022, rev'g 2014-NMCA-053, 326 P.3d 20.
NM Stat § 46A-10-1004 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1004 - Attorney fees and costs.

In a judicial proceeding involving the administration of a trust, the court, as justice and equity may require, may award costs and expenses, including reasonable attorney fees, to any party, to be paid by another party or from the trust that is the subject of the controversy. History: Laws 2003, ch. 122, § 10-1004. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003. Award of attorney fees is discretionary with the district court. — An award of attorney fees is a matter within the district court's discretion. Khalsa v. Puri, 2015-NMCA-027, cert. denied, 2015-NMCERT-001. Where defendant claimed that plaintiff waived an award of attorney fees by failing to request attorney fees in the pleadings, the claim that a request for attorney fees is waived unless it is pleaded is not supported by authority; the district court did not abuse its discretion in awarding attorney fees based on the years of litigation over numerous issues, plaintiff's failure to present any direct evidence to support her claims, and in defendants' success in defending the claims. Khalsa v. Puri, 2015-NMCA-027, cert. denied, 2015-NMCERT-001. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).