reglab/housing_qa huggingface dataset:
NM Stat § 46A-4-413 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 4 - Creation, Validity, Modification and Termination of Trust|Section 46A-4-413 - Cy pres.

A. Except as otherwise provided in Subsection B of this section, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve or wasteful: (1) the trust does not fail, in whole or in part; (2) the trust property does not revert to the settlor or the settlor's successors in interest; and (3) the court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes. B. A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of the court under Subsection A of this section to apply cy pres to modify or terminate the trust only if, when the provision takes effect: (1) the trust property is to revert to the settlor and the settlor is still living; or (2) fewer than twenty-one years have elapsed since the date of the trust's creation. C. The attorney general as parens patriae is a necessary party to any cy pres proceeding in the Uniform Trust Code [46A-1-101 NMSA 1978]. History: Laws 2003, ch. 122, § 4-413. 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-4-414 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 4 - Creation, Validity, Modification and Termination of Trust|Section 46A-4-414 - Termination of uneconomic trust.

A. After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than fifty thousand dollars ($50,000) may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. B. The court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration. C. Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust. D. This section does not apply to an easement for conservation or preservation. History: Laws 2003, ch. 122, § 4-414. 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-4-415 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 4 - Creation, Validity, Modification and Termination of Trust|Section 46A-4-415 - Reformation to correct mistakes.

The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence that both the settlor's intent and the terms of the trust were affected by a mistake of fact or law, whether in expression or inducement. History: Laws 2003, ch. 122, § 4-415. 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-4-416 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 4 - Creation, Validity, Modification and Termination of Trust|Section 46A-4-416 - Modification to achieve settlor's tax objectives.

To achieve the settlor's tax objectives, the court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect. History: Laws 2003, ch. 122, § 4-416. 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-4-417 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 4 - Creation, Validity, Modification and Termination of Trust|Section 46A-4-417 - Combination and division of trusts.

After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust. History: Laws 2003, ch. 122, § 4-417. 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-5-501 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts|Section 46A-5-501 - Rights of beneficiary's creditor or assignee.

To the extent a beneficiary's interest is not subject to a spendthrift provision, the court may authorize a creditor or assignee of the beneficiary to reach the beneficiary's interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to such relief as is appropriate under the circumstances. History: Laws 2003, ch. 122, § 5-501; 2007, ch. 128, § 12. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, provided that if a beneficiary's interest is not subject to a spendthrift provision, the court may authorize a creditor to reach the beneficiary's interest. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-5-502 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts|Section 46A-5-502 - Spendthrift provision.

A. A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest. B. A term of a trust providing that the interest of a beneficiary is held subject to a "spendthrift trust", or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest. C. A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this article, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary. History: Laws 2003, ch. 122, § 5-502. 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-5-503 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts|Section 46A-5-503 - Exceptions to spendthrift provision.

A. As used in this section, "child" includes any person for whom an order or judgment for child support has been entered in this or another state. B. A spendthrift provision is unenforceable against: (1) a beneficiary's child, spouse or former spouse who has a judgment or court order against the beneficiary for support or maintenance; (2) a judgment creditor who has provided services for the protection of a beneficiary's interest in the trust; and (3) a claim of this state or the United States to the extent a statute of this state or federal law so provides. C. A claimant against whom a spendthrift provision cannot be enforced may obtain from a court an order attaching present or future distributions to or for the benefit of the beneficiary. The court may limit the award to such relief as is appropriate under the circumstances. The order attaching present or future distributions to or for the benefit of the beneficiary shall be the exclusive remedy available to a claimant against whom a spendthrift provision cannot be enforced. History: Laws 2003, ch. 122, § 5-503; 2007, ch. 128, § 13. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, in Subsection B, restated the provisions of Subsections B and C. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-5-504 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts|Section 46A-5-504 - Discretionary trusts; effect of standard.

A. As used in this section, "child" includes any person for whom an order or judgment for child support has been entered in this or another state. B. Except as otherwise provided in Subsection C of this section, whether or not a trust contains a spendthrift provision, a creditor of a beneficiary may not compel a distribution that is subject to the trustee's discretion, even if: (1) the discretion is expressed in the form of a standard of distribution; or (2) the trustee has abused the discretion. C. To the extent a trustee has not complied with a standard of distribution or has abused a discretion: (1) a distribution may be ordered by the court to satisfy a judgment or court order against the beneficiary for support or maintenance of the beneficiary's child, spouse or former spouse; and (2) the court shall direct the trustee to pay to the child, spouse or former spouse such amount as is equitable under the circumstances but not more than the amount the trustee would have been required to distribute to or for the benefit of the beneficiary had the trustee complied with the standard or not abused the discretion. D. This section does not limit the right of a beneficiary to maintain a judicial proceeding against a trustee for an abuse of discretion or failure to comply with a standard for distribution. E. If the trustee's or co-trustee's discretion to make distributions for the trustee's or co-trustee's own benefit is limited by an ascertainable standard, a creditor shall not reach or compel distribution of the beneficial interest except to the extent the interest would be subject to the creditor's claim were the beneficiary not acting as trustee or co-trustee. History: Laws 2003, ch. 122, § 5-504; 2007, ch. 128, § 14. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, added Subsection E. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-5-505 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts|Section 46A-5-505 - Creditor's claim against settlor.

A. Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: (1) during the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors; (2) with respect to an irrevocable trust, a creditor or assignee of the settlor may reach the maximum amount that can be distributed to or for the settlor's benefit. If a trust has more than one settlor, the amount the creditor or assignee of a particular settlor may reach may not exceed the settlor's interest in the portion of the trust attributable to that settlor's contribution; and (3) after the death of a settlor, and subject to the settlor's right to direct the source from which liabilities will be paid, the property of a trust that was revocable at the settlor's death is subject to claims of the settlor's creditors, costs of administration of the settlor's estate, the expenses of the settlor's funeral and disposal of remains and statutory allowances to a surviving spouse and children to the extent the settlor's probate estate is inadequate to satisfy those claims, costs, expenses and allowances. B. For purposes of this section: (1) during the period the power may be exercised, the holder of a power of withdrawal is treated in the same manner as the settlor of a revocable trust to the extent of the property subject to the power; and (2) upon the lapse, release or waiver of the power, the holder is treated as the settlor of the trust only to the extent the value of the property affected by the lapse, release or waiver exceeds the greater of the amount specified in Section 2041(b)(2), 2514(e) or 2503(b) of the Internal Revenue Code of 1986, as amended. History: Laws 2003, ch. 122, § 5-505. ANNOTATIONSCross references. — For the Internal Revenue Code of 1986, see Title 26 U.S.C.S. Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003. Invasion of trust. — Section 46A-5-505A(3) NMSA 1978 allows a revocable trust to be invaded in two relevant instances: to satisfy the claims of creditors and to provide the surviving family with the statutory allowances. There is no legislative intent in the plain language of the statute that would allow an omitted spouse to invade a trust corpus to determine or satisfy an intestate share. Bell v. Estate of Ralph M. Bell, 2008-NMCA-045, 143 N.M. 716, 181 P.3d 708, cert. quashed, 145 N.M. 532, 202 P.3d 125. Omitted spouse. — The intestate share of an omitted spouse is not a statutory allowance as contemplated by Section 46A-5-505A(3) NMSA 1878. Bell v. Estate of Ralph M. Bell, 2008-NMCA-045, 143 N.M. 716, 181 P.3d 708, cert. quashed, 145 N.M. 532, 202 P.3d 125. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-5-506 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts|Section 46A-5-506 - Overdue distribution.

A. Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date. B. As used in this section, "mandatory distribution" means a distribution of income or principal that the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. "Mandatory distribution" does not include a distribution subject to the exercise of the trustee's discretion even if the discretion is expressed in the form of a standard of distribution or the terms of the trust authorizing distribution combine language of discretion with language of direction. History: Laws 2003, ch. 122, § 5-506; 2007, ch. 128, § 15. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, added Subsection B. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-5-507 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts|Section 46A-5-507 - Personal obligations of trustee.

Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt. History: Laws 2003, ch. 122, § 5-507. 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-6-601 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 6 - Revocable Trusts|Section 46A-6-601 - Capacity of settlor of revocable trust.

The capacity required to create, amend, revoke or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. History: Laws 2003, ch. 122, § 6-601. 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-6-603 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 6 - Revocable Trusts|Section 46A-6-603 - Settlor's powers; powers of withdrawal.

A. While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. B. While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor. C. During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power. History: Laws 2003, ch. 122, § 6-603; 2007, ch. 128, § 17; 2018, ch. 63, § 22. ANNOTATIONSThe 2018 amendment, effective January 1, 2019, provided additional powers of a settlor of a trust; and added a new Subsection A and redesignated former Subsections A and B as Subsections B and C, respectively. The 2007 amendment, effective July 1, 2007, eliminated the provision that a trustee has a duty to all settlers who have capacity to revoke a trust. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-6-604 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 6 - Revocable Trusts|Section 46A-6-604 - Limitation on action contesting validity of revocable trust; distribution of trust property.

A. A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the earlier of: (1) three years after the settlor's death; or (2) one hundred twenty days after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust's existence, of the trustee's name and address and of the time allowed for commencing a proceeding. B. Upon the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for doing so unless: (1) the trustee knows of a pending judicial proceeding contesting the validity of the trust; or (2) a potential contestant has notified the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within sixty days after the contestant sent the notification. C. A beneficiary of a trust that is determined to have been invalid is liable to return any distribution received. History: Laws 2007, ch. 128, § 18. ANNOTATIONSEffective dates. — Laws 2007, ch. 128, § 31 made the section effective July 1, 2007.
NM Stat § 46A-7-701 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 7 - Office of Trustee|Section 46A-7-701 - Accepting or declining trusteeship.

A. Except as otherwise provided in Subsection C of this section, a person designated as trustee accepts the trusteeship: (1) by substantially complying with a method of acceptance provided in the terms of the trust; or (2) if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee or otherwise indicating acceptance of the trusteeship. B. A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship. C. A person designated as trustee, without accepting the trusteeship, may: (1) act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and (2) inspect or investigate trust property to determine potential liability under environmental law or other law or for any other purpose. History: Laws 2003, ch. 122, § 7-701. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-7-702 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 7 - Office of Trustee|Section 46A-7-702 - Trustee's bond.

A. A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. B. The court may specify the amount of a bond, its liabilities and whether sureties are necessary. The court may modify or terminate a bond at any time. C. A regulated financial service institution qualified to do trust business in New Mexico need not give bond, even if required by the terms of the trust. History: Laws 2003, ch. 122, § 7-702; 2007, ch. 128, § 19. ANNOTATIONSThe 2007 amendment, effective July 1, 2007, added Subsection C.
NM Stat § 46A-7-703 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 7 - Office of Trustee|Section 46A-7-703 - Co-trustees.

A. Co-trustees who are unable to reach a unanimous decision may act by majority decision. B. If a vacancy occurs in a co-trusteeship, the remaining co-trustees may act for the trust. C. Subject to Section 12 [46-14-12 NMSA 1978] of the Uniform Directed Trust Act, a co-trustee shall participate in the performance of a trustee's function unless the co-trustee is unavailable to perform the function because of absence, illness, disqualification under other law or other temporary incapacity, or the co-trustee has properly delegated the performance of the function to another trustee. D. If a co-trustee is unavailable to perform duties because of absence, illness, disqualification under other law or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining co-trustee or a majority of the remaining co-trustees may act for the trust. E. A trustee shall not delegate to a co-trustee the performance of a function the settlor reasonably expected the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made. F. Except as otherwise provided in Subsection G of this section, a trustee who does not join in an action of another trustee is not liable for the action. G. Subject to Section 12 of the Uniform Directed Trust Act, each trustee shall exercise reasonable care to: (1) prevent a co-trustee from committing a serious breach of trust; and (2) compel a co-trustee to redress a serious breach of trust. H. A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any co-trustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust. History: Laws 2003, ch. 122, § 7-703; 2018, ch. 63, § 23. ANNOTATIONSThe 2018 amendment, effective January 1, 2019, made certain provisions related to co-trustees subject to the Uniform Directed Trust Act; in Subsection C, added "Subject to Section 12 of the Uniform Directed Trust Act", and after the first occurrence of "co-trustee", deleted "must" and added "shall"; in Subsection E, after "A trustee", deleted "may" and added "shall"; and in Subsection G, added "Subject to Section 12 of the Uniform Directed Trust Act".