reglab/housing_qa huggingface dataset:
NM Stat § 46-14-9 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 14 - Uniform Directed Trust|Section 46-14-9 - Duty and liability of directed trustee.

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 Directed Trust Act, and the trustee is not liable for the action. B. A directed trustee shall not 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 of the Uniform Directed Trust Act to the extent that, by complying, the trustee would engage in willful misconduct. C. An exercise of a power of direction under which a trust director may release a trustee or another trust director from liability for breach of trust is not effective if: (1) the breach involved the trustee's or other director's willful misconduct; (2) the release was induced by improper conduct of the trustee or other director in procuring the release; or (3) at the time of the release, the director did not know the material facts relating to the breach. D. A directed trustee that has reasonable doubt about its duty under this section may petition the district court for instructions. E. The terms of a trust may impose a duty or liability on a directed trustee in addition to the duties and liabilities imposed by the Uniform Directed Trust Act. History: Laws 2018, ch. 63, § 9. ANNOTATIONSEffective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 9 effective January 1, 2019.
NM Stat § 46-14-10 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 14 - Uniform Directed Trust|Section 46-14-10 - Duty to provide information to trust director or trustee.

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 director. B. Subject to Section 11 of the Uniform Directed Trust Act, a trust director shall provide information to a trustee or another trust director to the extent the information is reasonably related both to: (1) the powers or duties of the director; and (2) the powers or duties of the trustee or other director. C. A trustee that acts in reliance on information provided by a trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting the trustee engages in willful misconduct. D. A trust director that acts in reliance on information provided by a trustee or another trust director is not liable for a breach of trust to the extent the breach resulted from the reliance, unless by so acting the trust director engages in willful misconduct. History: Laws 2018, ch. 63, § 10. ANNOTATIONSEffective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 10 effective January 1, 2019.
NM Stat § 46-14-11 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 14 - Uniform Directed Trust|Section 46-14-11 - No duty to monitor, inform or advise.

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 the director; and (2) by taking an action described in Paragraph (1) of this subsection, a trustee does not assume the duty excluded by that paragraph. B. Unless the terms of a trust provide otherwise: (1) a trust director does not have a duty to: (a) monitor a trustee or another trust director; or (b) inform or give advice to a settlor, beneficiary, trustee or another trust director concerning an instance in which the director might have acted differently than a trustee or another trust director; and (2) by taking an action described in Paragraph (1) of this subsection, a trust director does not assume the duty excluded by that paragraph. History: Laws 2018, ch. 63, § 11. ANNOTATIONSEffective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 11 effective January 1, 2019.
NM Stat § 46-14-12 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 14 - Uniform Directed Trust|Section 46-14-12 - Application to cotrustee [co-trustee].

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 from duty and liability with respect to a trust director's power of direction under Sections 9 through 11 [46-14-9 to 46-14-11 NMSA 1978] of the Uniform Directed Trust Act. History: Laws 2018, ch. 63, § 12. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 12 effective January 1, 2019.
NM Stat § 46-14-13 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 14 - Uniform Directed Trust|Section 46-14-13 - Limitation of action against trust director.

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 accounting has the same effect on the limitation period for an action against a trust director for breach of trust that the report or accounting would have under Section 46A-10-1005 NMSA 1978 in an action for breach of trust against a trustee in a like position and under similar circumstances. History: Laws 2018, ch. 63, § 13. ANNOTATIONSEffective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 13 effective January 1, 2019.
NM Stat § 46-14-14 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 14 - Uniform Directed Trust|Section 46-14-14 - Defenses in action against trust director.

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. ANNOTATIONSEffective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 14 effective January 1, 2019.
NM Stat § 46-14-15 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 14 - Uniform Directed Trust|Section 46-14-15 - Jurisdiction over trust director.

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 other methods of obtaining jurisdiction over a trust director. History: Laws 2018, ch. 63, § 15. ANNOTATIONSEffective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 15 effective January 1, 2019.
NM Stat § 46-14-16 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 14 - Uniform Directed Trust|Section 46-14-16 - Office of trust director.

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 compensation under Section 46A-7-708 NMSA 1978; D. resignation under Section 46A-7-705 NMSA 1978; E. removal under Section 46A-7-706 NMSA 1978; and F. vacancy and appointment of successor under Section 46A-7-704 NMSA 1978. History: Laws 2018, ch. 63, § 16. ANNOTATIONSEffective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 16 effective January 1, 2019.
NM Stat § 46-14-17 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 14 - Uniform Directed Trust|Section 46-14-17 - Uniformity of application and construction.

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. ANNOTATIONSEffective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 17 effective January 1, 2019.
NM Stat § 46-14-18 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 14 - Uniform Directed Trust|Section 46-14-18 - Relation to Electronic Signatures in Global and National 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 electronic delivery of any of the notices described in Section 103(b) of that act, 15 U.S.C. Section 7003(b). History: Laws 2018, ch. 63, § 18. ANNOTATIONSEffective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 18 effective January 1, 2019.
NM Stat § 46A-1-101 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-101 - Short title.

Chapter 46A NMSA 1978 may be cited as the "Uniform Trust Code". History: Laws 2003, ch. 122, § 1-101; 2007, ch. 128, § 1. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, changed the statutory reference. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-1-102 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-102 - Scope.

The Uniform Trust Code [46A-1-101 to 46A-11-1104 NMSA 1978] applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment or decree that requires the trust to be administered in the manner of an express trust. History: Laws 2003, ch. 122, § 1-102. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-1-104 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-104 - Knowledge.

A. Subject to Subsection B of this section, a person has knowledge of a fact if the person: (1) has actual knowledge; (2) has received a notice or notification of it; or (3) from all the facts and circumstances known to the person at the time in question, has reason to know it. B. An organization that conducts activities through employees has notice or knowledge of a fact involving a trust only from the time the information was received by an employee having responsibility to act for the trust, or would have been brought to the employee's attention if the organization had exercised reasonable diligence. An organization exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the employee having responsibility to act for the trust and there is reasonable compliance with the routines. Reasonable diligence does not require an employee of the organization to communicate information unless the communication is part of the employee's regular duties or the employee knows that a matter involving the trust would be materially affected by the information. History: Laws 2003, ch. 122, § 1-104; 2007, ch. 128, § 3. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, eliminated the provision that charges a person with knowledge if that person should have knowledge of a fact.
NM Stat § 46A-1-106 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-106 - Common law of trusts; principles of equity.

The common law of trusts and principles of equity supplement the Uniform Trust Code [46A-1-101 to 46A-11-1104 NMSA 1978], except to the extent modified by that code or another statute of this state. History: Laws 2003, ch. 122, § 1-106. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-1-107 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-107 - Governing law.

The meaning and effect of the terms of a trust are determined by: A. the law of the jurisdiction designated in the terms unless the designation of that jurisdiction's law is contrary to a strong public policy of the jurisdiction having the most significant relationship to the matter at issue; or B. in the absence of a controlling designation in the terms of the trust, the law of the jurisdiction having the most significant relationship to the matter at issue. History: Laws 2003, ch. 122, § 1-107; 2007, ch. 128, § 5; 2011, ch. 124, § 94. ANNOTATIONSThe 2011 amendment, effective January 1, 2012, provided that the law of the jurisdiction designated in a trust is the governing law for interpreting the trust. The 2007 amendment, effective July 1, 2007, added the provision that the meaning and effect of the terms of the trust are determined by the law of the state designated in the terms of the trust.
NM Stat § 46A-1-108 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-108 - Principal place of administration.

A. Without precluding other means for establishing a sufficient connection with the designated jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if: (1) a trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction; or (2) all or part of the administration occurs in the designated jurisdiction. B. A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration and the interests of the beneficiaries. C. Without precluding the right of the court to order, approve or disapprove a transfer, the trustee, in furtherance of the duty prescribed by Subsection B of this section, may transfer the trust's principal place of administration to another state or to a jurisdiction outside of the United States. D. The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust's principal place of administration not less than sixty days before initiating the transfer. The notice of proposed transfer must include: (1) the name of the jurisdiction to which the principal place of administration is to be transferred; (2) the address and telephone number at the new location at which the trustee can be contacted; (3) an explanation of the reasons for the proposed transfer; (4) the date on which the proposed transfer is anticipated to occur; and (5) the date, not less than sixty days after the giving of the notice, by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer. E. The authority of a trustee under this section to transfer a trust's principal place of administration terminates if a qualified beneficiary notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice. F. In connection with a transfer of the trust's principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee designated in the terms of the trust or appointed pursuant to Section 7-704 [46A-7-704 NMSA 1978] of the Uniform Trust Code. History: Laws 2003, ch. 122, § 1-108. 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-1-109 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-109 - Methods and waiver of notice.

A. Notice to a person under the Uniform Trust Code [46A-1-101 to 46A-11-1104 NMSA 1978] or the sending of a document to a person under that code must be accomplished in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Permissible methods of notice or for sending a document include first-class mail, personal delivery, delivery to the person's last known place of residence or place of business or a properly directed electronic message. B. Notice otherwise required under the Uniform Trust Code [46A-1-101 to 46A-11-1104 NMSA 1978] or a document otherwise required to be sent under that code need not be provided to a person whose identity or location is unknown to and not reasonably ascertainable by the trustee. C. Notice under the Uniform Trust Code [46A-1-101 to 46A-11-1104 NMSA 1978] or the sending of a document under that code may be waived by the person to be notified or sent the document. D. Notice of a judicial proceeding must be given as provided in the applicable rules of civil procedure. History: Laws 2003, ch. 122, § 1-109. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-1-110 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-110 - Others treated as qualified beneficiaries.

A. A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under the Uniform Trust Code [46A-1-101 NMSA 1978] if the charitable organization, on the date the charitable organization's qualification is being determined: (1) is a distributee or permissible distributee of trust income or principal; (2) would be a distributee or permissible distributee of trust income or principal upon the termination of the interests of other distributees or permissible distributees then receiving or eligible to receive distributions; or (3) would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date. B. A person appointed to enforce a trust created for the care of an animal or another noncharitable purpose as provided in Section 46A-4-408 or 46A-4-409 NMSA 1978 has the rights of a qualified beneficiary under the Uniform Trust Code. C. The attorney general has the rights of a qualified beneficiary with respect to a charitable trust having its principal place of administration in this state or its charitable beneficiary or beneficiaries that receive or are eligible to receive in the aggregate the trust's largest distribution in this state. History: Laws 2003, ch. 122, § 1-110; 2007, ch. 128, § 6. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, eliminated the requirement that notice be given to beneficiaries who have requested notice, gave certain charitable organizations that receive distributions the rights of a qualified beneficiary and gave the attorney general the rights of a qualified beneficiary with respect to a charitable trust having its charitable beneficiaries that receive the trust's largest distribution in New Mexico.
NM Stat § 46A-1-111 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-111 - Nonjudicial settlement agreements.

A. For purposes of this section, "interested persons" means persons whose consent would be required in order to achieve a binding settlement were the settlement to be approved by the court. B. Except as otherwise provided in Subsection C of this section, interested persons may enter into a binding nonjudicial settlement agreement with respect to any matter involving a trust. C. A nonjudicial settlement agreement is valid only to the extent it does not violate a material purpose of the trust and includes terms and conditions that could be properly approved by the court under the Uniform Trust Code [46A-1-101 to 46A-11-1104 NMSA 1978] or other applicable law. D. Matters that may be resolved by a nonjudicial settlement agreement include: (1) the interpretation or construction of the terms of the trust; (2) the approval of a trustee's report or accounting; (3) direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power; (4) the resignation or appointment of a trustee and the determination of a trustee's compensation; (5) transfer of a trust's principal place of administration; and (6) liability of a trustee for an action relating to the trust. E. Any interested person may request the court to approve a nonjudicial settlement agreement to determine whether the representation as provided in Article 3 [46A-3-301 to 46A-3-305 NMSA 1978] of the Uniform Trust Code was adequate and to determine whether the agreement contains terms and conditions the court could have properly approved. History: Laws 2003, ch. 122, § 1-111. 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-1-112 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-112 - Rules of construction.

The rules of construction that apply in this state to the interpretation of and disposition of property by will also apply as appropriate to the interpretation of the terms of a trust and the disposition of the trust property. History: Laws 2003, ch. 122, § 1-112. 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-1-113 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 1 - General Provisions and Definitions|Section 46A-1-113 - Insurable interest of trustee.

A. In this section, "settlor" means a person that executes a trust instrument. "Settlor" includes a person for which a fiduciary or agent is acting. B. A trustee of a trust has an insurable interest in the life of an individual insured under a life insurance policy that is owned by the trustee of the trust acting in a fiduciary capacity or that designates the trust itself as the owner if, on the date the policy is issued: (1) the insured is: (a) a settlor of the trust; or (b) an individual in whom a settlor of the trust has, or would have had if living at the time the policy was issued, an insurable interest; and (2) the life insurance proceeds are primarily for the benefit of one or more trust beneficiaries that have: (a) an insurable interest in the life of the insured; or (b) a substantial interest engendered by love and affection in the continuation of the life of the insured and, if not already included under Subparagraph (a) of this paragraph, who are: 1) related within the third degree or closer, as measured by the civil law system of determining degrees of relation, either by blood or law, to the insured; or 2) stepchildren of the insured. History: 1978 Comp., § 46A-1-113, enacted by Laws 2011, ch. 124, § 95; 2016, ch. 69, § 723. ANNOTATIONSThe 2016 amendment, effective July 1, 2016, amended the definition of "settlor"; in Subsection A, after "means a person", deleted "including a person for which a fiduciary or agent is acting", and after "trust instrument", added "'Settlor' includes a person for which a fiduciary or agent is acting."; and in Subsection B, in the introductory sentence, after "life insurance policy", added "that is", after "owned by", deleted "the trust or", and after "fiduciary capacity", added "or that designates the trust itself as the owner", and in Paragraph (2), after "primarily for the benefit of", added "one or more".