reglab/housing_qa huggingface dataset:
NM Stat § 46-10-15 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.)|Section 46-10-15 - Recompiled.

History: Laws 2001, ch. 290, § 15; recompiled by Laws 2011, ch. 124, § 93. ANNOTATIONSRecompilations. — Laws 2011, ch. 124, § 93 recompiled and amended former 46-10-15 NMSA 1978 as 45-2-1115 NMSA 1978, effective January 1, 2012.
NM Stat § 46-10-16 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.)|Section 46-10-16 - Recompiled.

History: Laws 2001, ch. 290, § 16; recompiled by Laws 2011, ch. 124, § 101. ANNOTATIONSRecompilations. — Laws 2011, ch. 124, § 101 recompiled former 46-10-16 NMSA 1978 as 45-2-1116 NMSA 1978, effective January 1, 2012.
NM Stat § 46-10-17 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.)|Section 46-10-17 - Repealed.

History: Laws 2001, ch. 290, § 17; repealed by Laws 2011, ch. 124, § 97. ANNOTATIONSRepeals. — Laws 2011, ch. 124, § 97 repealed 46-10-17 NMSA 1978, as enacted by Laws 2001, ch. 290, § 17, relating to uniformity of application and construction, effective January 1, 2012. For provisions of former section, see the 2010 NMSA 1978 on NMOneSource.com.
NM Stat § 46-12-101 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-101 - Short title.

Sections 1-101 through 1-129 [46-12-101 to 46-12-129 NMSA 1978] of this act may be cited as the "Uniform Trust Decanting Act". History: Laws 2016, ch. 72, § 1-101. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-103 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-103 - Scope.

A. Except as otherwise provided in Subsections B and C of this section, the Uniform Trust Decanting Act applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest. B. The Uniform Trust Decanting Act does not apply to a trust held solely for charitable purposes. C. Subject to Section 1-115 [46-12-115 NMSA 1978] of the Uniform Trust Decanting Act, a trust instrument may restrict or prohibit exercise of the decanting power. D. The Uniform Trust Decanting Act does not limit the power of a trustee, powerholder or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, New Mexico law other than the Uniform Trust Decanting Act, common law, a court order or a nonjudicial-settlement agreement. E. The Uniform Trust Decanting Act does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument. History: Laws 2016, ch. 72, § 1-103. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-104 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-104 - Fiduciary duty.

A. In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust. B. The Uniform Trust Decanting Act does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of the Uniform Trust Decanting Act. C. Except as otherwise provided in a first-trust instrument, the terms of the first trust are, for purposes of the Uniform Trust Decanting Act, Section 46A-8-801 NMSA 1978 and Subsection A of Section 46A-8-802 NMSA 1978, deemed to include the decanting power. History: Laws 2016, ch. 72, § 1-104. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-105 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-105 - Application; governing law.

A. The Uniform Trust Decanting Act applies to a trust that: (1) has its principal place of administration in New Mexico, including a trust whose principal place of administration has been changed to New Mexico; or (2) provides by its trust instrument that it is governed by New Mexico law or is governed by New Mexico law for the purpose of: (a) administration, including administration of a trust whose governing law for purposes of administration has been changed to New Mexico law; (b) construction of terms of the trust; or (c) determining the meaning or effect of terms of the trust. B. Except as otherwise provided in the Uniform Trust Decanting Act, on and after January 1, 2017: (1) the Uniform Trust Decanting Act applies to a trust created before, on or after January 1, 2017; (2) the Uniform Trust Decanting Act applies to a judicial proceeding concerning a trust commenced on or after January 1, 2017; (3) the Uniform Trust Decanting Act applies to a judicial proceeding concerning a trust commenced before January 1, 2017 unless the court finds that application of a particular provision of the Uniform Trust Decanting Act would interfere substantially with the effective conduct of the judicial proceeding or prejudice a right of a party, in which case the particular provision of the Uniform Trust Decanting Act does not apply and the superseded law applies; (4) a rule of construction or presumption provided in the Uniform Trust Decanting Act applies to a trust instrument executed before January 1, 2017 unless there is a clear indication of a contrary intent in the terms of the instrument; and (5) except as otherwise provided in Paragraphs (1) through (4) of this subsection, an action done before January 1, 2017 is not affected by the Uniform Trust Decanting Act. C. If a right is acquired, extinguished or barred on the expiration of a prescribed period that commenced under New Mexico law other than the Uniform Trust Decanting Act before January 1, 2017, the law continues to apply to the right. History: Laws 2016, ch. 72, § 1-105. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-106 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-106 - Reasonable reliance.

A trustee or other person that reasonably relies on the validity of a distribution of part or all of the property of a trust to another trust, or a modification of a trust under the Uniform Trust Decanting Act, New Mexico law other than the Uniform Trust Decanting Act or the law of another jurisdiction, is not liable to any person for any action or failure to act as a result of the reliance. History: Laws 2016, ch. 72, § 1-106. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-107 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-107 - Notice; exercise of decanting power.

A. In this section, a notice period begins on the day notice is given under Subsection C of this section and ends fifty-nine days after the day notice is given. B. Except as otherwise provided in the Uniform Trust Decanting Act, an authorized fiduciary may exercise the decanting power without the consent of any person and without court approval. C. Except as otherwise provided in Subsection F of this section, an authorized fiduciary shall give notice in a record of the intended exercise of the decanting power not later than sixty days before the exercise to: (1) each settlor of the first trust, if living or then in existence; (2) each qualified beneficiary of the first trust; (3) each holder of a presently exercisable power of appointment over any part or all of the first trust; (4) each person that currently has the right to remove or replace the authorized fiduciary; (5) each other fiduciary of the first trust; (6) each fiduciary of the second trust; and (7) the attorney general, if Subsection B of Section 1-114 [46-12-114 NMSA 1978] of the Uniform Trust Decanting Act applies. D. An authorized fiduciary is not required to give notice under Subsection C of this section to a person that is not known to the fiduciary or is known to the fiduciary but cannot be located by the fiduciary after reasonable diligence. E. A notice given under Subsection C of this section shall: (1) specify the manner in which the authorized fiduciary intends to exercise the decanting power; (2) specify the proposed effective date for exercise of the power; (3) include a copy of the first-trust instrument; and (4) include a copy of all second-trust instruments. F. The decanting power may be exercised before expiration of the notice period specified in Subsection A of this section if all persons entitled to receive notice waive the period in a signed record. G. The receipt of notice, waiver of the notice period or expiration of the notice period does not affect the right of a person to file an application under Section 1-109 [46-12-109 NMSA 1978] of the Uniform Trust Decanting Act asserting that: (1) an attempted exercise of the decanting power is ineffective because it did not comply with the Uniform Trust Decanting Act or was an abuse of discretion or breach of fiduciary duty; or (2) Section 1-122 [46-12-122 NMSA 1978] of the Uniform Trust Decanting Act applies to the exercise of the decanting power. H. An exercise of the decanting power is not ineffective because of the failure to give notice to one or more persons under Subsection C of this section if the authorized fiduciary acted with reasonable care to comply with that subsection. History: Laws 2016, ch. 72, § 1-107. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-108 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-108 - Representation.

A. Notice to a person with authority to represent and bind another person under a first-trust instrument or the Uniform Trust Code [Chapter 46A NMSA 1978] has the same effect as notice given directly to the person represented. B. Consent of or waiver by a person with authority to represent and bind another person under a first-trust instrument or the Uniform Trust Code is binding on the person represented unless the person represented objects to the representation before the consent or waiver otherwise would become effective. C. A person with authority to represent and bind another person under a first-trust instrument or the Uniform Trust Code may file an application under Section 1-109 [46-12-109 NMSA 1978] of the Uniform Trust Decanting Act on behalf of the person represented. D. A settlor shall not represent or bind a beneficiary under the Uniform Trust Decanting Act. History: Laws 2016, ch. 72, § 1-108. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-109 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-109 - Court involvement.

A. On application of an authorized fiduciary, a person entitled to notice under Subsection C of Section 1-107 [46-12-107 NMSA 1978] of the Uniform Trust Decanting Act, a beneficiary or, with respect to a charitable interest, the attorney general or other person that has standing to enforce the charitable interest, the court, may: (1) provide instructions to the authorized fiduciary regarding whether a proposed exercise of the decanting power is permitted under the Uniform Trust Decanting Act and consistent with the fiduciary duties of the authorized fiduciary; (2) appoint a special fiduciary and authorize the special fiduciary to determine whether the decanting power should be exercised under the Uniform Trust Decanting Act and to exercise the decanting power; (3) approve an exercise of the decanting power; (4) determine that a proposed or attempted exercise of the decanting power is ineffective because: (a) after applying Section 1-122 [46-12-122 NMSA 1978] of the Uniform Trust Decanting Act, the proposed or attempted exercise does not or did not comply with the Uniform Trust Decanting Act; or (b) the proposed or attempted exercise would be or was an abuse of the fiduciary's discretion or a breach of fiduciary duty; (5) determine the extent to which Section 1-122 of the Uniform Trust Decanting Act applies to a prior exercise of the decanting power; (6) provide instructions to the trustee regarding the application of Section 1-122 of the Uniform Trust Decanting Act to a prior exercise of the decanting power; or (7) order other relief to carry out the purposes of the Uniform Trust Decanting Act. B. On application of an authorized fiduciary, the court may approve: (1) an increase in the fiduciary's compensation under Section 1-116 [46-12-116 NMSA 1978] of the Uniform Trust Decanting Act; or (2) a modification under Section 1-118 [46-12-118 NMSA 1978] of the Uniform Trust Decanting Act of a provision granting a person the right to remove or replace the fiduciary. History: Laws 2016, ch. 72, § 1-109. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-110 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-110 - Formalities.

An exercise of the decanting power shall be made in a record signed by an authorized fiduciary. The signed record shall, directly or by reference to the notice required by Section 1-107 [46-12-107 NMA 1978] of the Uniform Trust Decanting Act, identify the first trust and the second trust or trusts and state the property of the first trust being distributed to each second trust and the property, if any, that remains in the first trust. History: Laws 2016, ch. 72, § 1-110. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-112 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-112 - Decanting power under limited distributive discretion.

A. As used in this section, "limited distributive discretion" means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard. B. An authorized fiduciary that has limited distributive discretion over the principal of the first trust for benefit of one or more current beneficiaries may exercise the decanting power over the principal of the first trust. C. Under this section and subject to Section 1-114 [46-12-114 NMSA 1978] of the Uniform Trust Decanting Act, a second trust may be created or administered under the law of any jurisdiction. Under this section, the second trusts, in the aggregate, shall grant each beneficiary of the first trust beneficial interests that are substantially similar to the beneficial interests of the beneficiary in the first trust. D. A power to make a distribution under a second trust for the benefit of a beneficiary who is an individual is substantially similar to a power under the first trust to make a distribution directly to the beneficiary. A distribution is for the benefit of a beneficiary if: (1) the distribution is applied for the benefit of the beneficiary; (2) the beneficiary is under a legal disability or the trustee reasonably believes the beneficiary is incapacitated and the distribution is made as permitted under the Uniform Trust Code [Chapter 46A NMSA 1978]; or (3) the distribution is made as permitted under the terms of the first-trust instrument and the second-trust instrument for the benefit of the beneficiary. E. If an authorized fiduciary has limited distributive discretion over part but not all of the principal of a first trust, the fiduciary may exercise the decanting power provided by this section over that part of the principal over which the authorized fiduciary has limited distributive discretion. History: Laws 2016, ch. 72, § 1-112. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-114 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-114 - Protection of charitable interest.

A. As used in this section: (1) "determinable charitable interest" means a charitable interest that is a right to a mandatory distribution currently, periodically, on the occurrence of a specified event or after the passage of a specified time and that is unconditional or will be held solely for charitable purposes; and (2) "unconditional" means not subject to the occurrence of a specified event that is not certain to occur, other than a requirement in a trust instrument that a charitable organization be in existence or qualify under a particular provision of the United States Internal Revenue Code of 1986, as amended, on the date of the distribution if the charitable organization meets the requirement on the date of determination. B. If a first trust contains a determinable charitable interest, the attorney general has the rights of a qualified beneficiary and may represent and bind the charitable interest. C. If a first trust contains a charitable interest, the second trust or trusts shall not: (1) diminish the charitable interest; (2) diminish the interest of an identified charitable organization that holds the charitable interest; (3) alter any charitable purpose stated in the first-trust instrument; or (4) alter any condition or restriction related to the charitable interest. D. If there are two or more second trusts, the second trusts shall be treated as one trust for purposes of determining whether the exercise of the decanting power diminishes the charitable interest or diminishes the interest of an identified charitable organization for purposes of Subsection C of this section. E. If a first trust contains a determinable charitable interest, the second trust or trusts that include a charitable interest pursuant to Subsection C of this section shall be administered under New Mexico law unless: (1) the attorney general, after receiving notice under Section 1-107 [46-12-107 NMSA 1978] of the Uniform Trust Decanting Act, fails to object in a signed record delivered to the authorized fiduciary within the notice period; (2) the attorney general consents in a signed record to the second trust or trusts being administered under the law of another jurisdiction; or (3) the court approves the exercise of the decanting power. F. The Uniform Trust Decanting Act does not limit the powers and duties of the attorney general under New Mexico law other than that act. History: Laws 2016, ch. 72, § 1-114. ANNOTATIONSCross references. — For the federal Internal Revenue Code of 1986, see 26 U.S.C. § 1. Effective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-115 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-115 - Trust limitation on decanting.

A. An authorized fiduciary shall not exercise the decanting power to the extent that the first-trust instrument expressly prohibits exercise of: (1) the decanting power; or (2) a power granted by state law to the fiduciary to distribute part or all of the principal of the trust to another trust. B. Exercise of the decanting power is subject to any restriction in the first-trust instrument that expressly applies to exercise of: (1) the decanting power; or (2) a power granted by state law to a fiduciary to distribute part or all of the principal of the trust to another trust or to modify the trust. C. A general prohibition of the amendment or revocation of a first trust, a spendthrift clause or a clause restraining the voluntary or involuntary transfer of a beneficiary's interest does not preclude exercise of the decanting power. D. Subject to Subsections A and B of this section, an authorized fiduciary may exercise the decanting power provided by the Uniform Trust Decanting Act even if the first-trust instrument permits the authorized fiduciary or another person to modify the first-trust instrument or to distribute part or all of the principal of the first trust to another trust. E. If a first-trust instrument contains an express prohibition described in Subsection A of this section or an express restriction described in Subsection B of this section, the provision shall be included in the second-trust instrument. History: Laws 2016, ch. 72, § 1-115. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.
NM Stat § 46-12-116 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 12 - Uniform Trust Decanting|Section 46-12-116 - Change in compensation.

A. If a first-trust instrument specifies an authorized fiduciary's compensation, the fiduciary shall not exercise the decanting power to increase the fiduciary's compensation above the specified compensation unless: (1) all qualified beneficiaries of the second trust consent to the increase in a signed record; or (2) the increase is approved by the court. B. If a first-trust instrument does not specify an authorized fiduciary's compensation, the fiduciary shall not exercise the decanting power to increase the fiduciary's compensation above the compensation permitted by the Uniform Trust Code [Chapter 46A NMSA 1978] unless: (1) all qualified beneficiaries of the second trust consent to the increase in a signed record; or (2) the increase is approved by the court. C. A change in an authorized fiduciary's compensation that is incidental to other changes made by the exercise of the decanting power is not an increase in the fiduciary's compensation for purposes of Subsections A and B of this section. History: Laws 2016, ch. 72, § 1-116. ANNOTATIONSEffective dates. — Laws 2016, ch. 72, § 3-101 made the Uniform Trust Decanting Act, §§ 46-12-101 through 46-12-129 NMSA 1978, effective January 1, 2017.