reglab/housing_qa huggingface dataset:
NM Stat § 46-3A-202 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 2 - DECEDENT'S ESTATE OR|Section 46-3A-202 - Distribution to residuary and remainder beneficiaries.

(a) Each beneficiary described in Section 201(4) [46-3A-201 NMSA 1978] is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date. (b) In determining a beneficiary's share of net income, the following rules apply: (1) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations. (2) The beneficiary's fractional interest in the undistributed principal assets must be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust. (3) The beneficiary's fractional interest in the undistributed principal assets must be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation. (4) The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed. (c) If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income. (d) A fiduciary may apply the rules in this section, to the extent that the fiduciary considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier distribution date from the disposition of a principal asset if this section applies to the income from the asset. History: Laws 2001, ch. 113, § 202. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-301 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 3 - APPORTIONMENT AT BEGINNING|Section 46-3A-301 - When right to income begins and ends.

(a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest. (b) An asset becomes subject to a trust: (1) on the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life; (2) on the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or (3) on the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death. (c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under Subsection (d), even if there is an intervening period of administration to wind up the preceding income interest. (d) An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income. History: Laws 2001, ch. 113, § 301. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001. Am. Jur. 2d, A.L.R. and C.J.S. references. — Apportionment of income where right to income commences or ends during accrual period, 126 A.L.R. 12. Apportionment of income as between successive life beneficiaries, 159 A.L.R. 589.
NM Stat § 46-3A-302 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 3 - APPORTIONMENT AT BEGINNING|Section 46-3A-302 - Apportionment of receipts and disbursements when decedent dies or income interest begins.

(a) A trustee shall allocate an income receipt or disbursement other than one to which Section 201(1)[46-3A-201 NMSA 1978] applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest. (b) A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins must be allocated to principal and the balance must be allocated to income. (c) An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of the Uniform Principal and Income Act. Distributions to shareholders or other owners from an entity to which Section 401 [46-3A-401 NMSA 1978] applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals. History: Laws 2001, ch. 113, § 302. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-303 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 3 - APPORTIONMENT AT BEGINNING|Section 46-3A-303 - Apportionment when income interest ends.

(a) In this section, "undistributed income" means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust. (b) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than five percent of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal. (c) When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate or other tax requirements. History: Laws 2001, ch. 113, § 303. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-501 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 5 - ALLOCATION OF DISBURSEMENTS|Section 46-3A-501 - Disbursements from income.

A trustee shall make the following disbursements from income to the extent that they are not disbursements to which Section 201(2)(B) or (C) [46-3A-201 NMSA 1978] applies: (1) one-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee; (2) one-half of all expenses for accountings, judicial proceedings or other matters that involve both the income and remainder interests; (3) all of the other ordinary expenses incurred in connection with the administration, management or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal and expenses of a proceeding or other matter that concerns primarily the income interest; and (4) recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset. History: Laws 2001, ch. 113, § 501. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001. Am. Jur. 2d, A.L.R. and C.J.S. references. — 51 Am. Jur. 2d Life Tenants and Remaindermen §§ 172, 173. Income or corpus: trustee's compensation as payable from income or corpus, 117 A.L.R. 1154. Expenses of trust administration, such as court costs, costs of litigation, bond premiums, attorneys' fees, etc., as payable from income or corpus, 124 A.L.R. 1183. Executors' or attorneys' fees and other expenses of administration of estate prior to establishment of trust as chargeable to corpus or to income, 135 A.L.R. 1322. Award of attorneys' fees out of trust estate in action by trustee against cotrustee, 24 A.L.R.4th 624.
NM Stat § 46-3A-502 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 5 - ALLOCATION OF DISBURSEMENTS|Section 46-3A-502 - Disbursements from principal.

(a) A trustee shall make the following disbursements from principal: (1) the remaining one-half of the disbursements described in Section 501(1) and (2) [46-3A-501 NMSA 1978]; (2) all of the trustee's compensation calculated on principal as a fee for acceptance, distribution or termination, and disbursements made to prepare property for sale; (3) payments on the principal of a trust debt; (4) expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property; (5) premiums paid on a policy of insurance not described in Section 501(4) [46-3A-501 NMSA 1978] of which the trust is the owner and beneficiary; (6) estate, inheritance and other transfer taxes, including penalties, apportioned to the trust; and (7) disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties and defending claims based on environmental matters. (b) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation. History: Laws 2001, ch. 113, § 502. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001. Am. Jur. 2d, A.L.R. and C.J.S. references. — 51 Am. Jur. 2d Life Tenants and Remaindermen §§ 172, 173. Income or corpus: trustee's compensation as payable from income or corpus, 117 A.L.R. 1154. Expenses of trust administration, such as court costs, costs of litigation, bond premiums, attorneys' fees, etc., as payable from income or corpus, 124 A.L.R. 1183. Executors' or attorneys' fees and other expenses of administration of estate prior to establishment of trust as chargeable to corpus or to income, 135 A.L.R. 1322. Award of attorneys' fees out of trust estate in action by trustee against cotrustee, 24 A.L.R.4th 624.
NM Stat § 46-3A-503 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 5 - ALLOCATION OF DISBURSEMENTS|Section 46-3A-503 - Transfers from income to principal for depreciation.

(a) As used in this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than one year. (b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation: (1) of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary; (2) during the administration of a decedent's estate; or (3) under this section if the trustee is accounting under Section 403 [46-3A-403 NMSA 1978] for the business or activity in which the asset is used. (c) An amount transferred to principal need not be held as a separate fund. History: Laws 2001, ch. 113, § 503. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-504 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 5 - ALLOCATION OF DISBURSEMENTS|Section 46-3A-504 - Transfers from income to reimburse principal.

(a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements. (b) Principal disbursements to which Subsection (a) applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party: (1) an amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs; (2) a capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments; (3) disbursements made to prepare property for rental, including tenant allowances, leasehold improvements and broker's commissions; (4) periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and (5) disbursements described in Section 502(a)(7) [46-3A-502 NMSA 1978]. (c) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in Subsection (a). History: Laws 2001, ch. 113, § 504. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-505 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 5 - ALLOCATION OF DISBURSEMENTS|Section 46-3A-505 - Income taxes.

A. A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. B. A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority. C. A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid: (1) from income to the extent that receipts from the entity are allocated only to income; (2) from principal to the extent that receipts from the entity are allocated only to principal; (3) proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and (4) from principal to the extent that the tax exceeds the total receipts from the entity. D. After applying Subsections A through C of this section, the trustee shall adjust income or principal receipts to the extent that the trust's taxes are reduced because the trust receives a deduction for payments made to a beneficiary. History: Laws 2001, ch. 113, § 505; 2011, ch. 124, § 88. ANNOTATIONSThe 2011 amendment, effective January 1, 2012, in Subsection D, provided for the proportional payment of a tax from principal and income if income is allocated to both principal and interest and from principal if the tax exceeds income; and required the trustee to adjust income and principal if the trust's taxes are reduced because of a deduction for payments to a beneficiary.
NM Stat § 46-3A-506 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 5 - ALLOCATION OF DISBURSEMENTS|Section 46-3A-506 - Adjustments between principal and income because of taxes.

(a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: (1) elections and decisions, other than those described in Subsection (b), that the fiduciary makes from time to time regarding tax matters; (2) an income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or (3) the ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust or a beneficiary. (b) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust or beneficiary are decreased, each estate, trust or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income. History: Laws 2001, ch. 113, § 506. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-601 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 6 - MISCELLANEOUS PROVISIONS|Section 46-3A-601 - Uniformity of application and construction.

In applying and construing the Uniform Principal and Income Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: Laws 2001, ch. 113, § 601. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-602 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 6 - MISCELLANEOUS PROVISIONS|Section 46-3A-602 - Severability clause.

If any provision of the Uniform Principal and Income Act or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of the act which can be given effect without the invalid provision or application, and to this end the provisions of the act are severable. History: Laws 2001, ch. 113, § 602. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-3A-603 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 3A - Uniform Principal and Income|Article 6 - MISCELLANEOUS PROVISIONS|Section 46-3A-603 - Application of the Uniform Principal and Income Act to existing trusts and estates.

The Uniform Principal and Income Act applies to every trust or decedent's estate existing on the effective date of that act, except as otherwise expressly provided in the will or terms of the trust or in that act. History: Laws 2001, ch. 113, § 603. ANNOTATIONSEffective dates. — Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
NM Stat § 46-11-101 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 11 - Uniform Powers of Appointment|Article 1 - GENERAL PROVISIONS|Section 46-11-101 - Short title.

Sections 101 through 603 [46-11-101 to 46-11-603] of this act may be cited as the "Uniform Powers of Appointment Act". History: Laws 2016, ch. 69, § 101. ANNOTATIONSEffective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
NM Stat § 46-11-103 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 11 - Uniform Powers of Appointment|Article 1 - GENERAL PROVISIONS|Section 46-11-103 - Governing law.

Unless the terms of the instrument creating a power of appointment manifest a contrary intent: A. the creation, revocation or amendment of the power is governed by the law of the donor's domicile at the relevant time; and B. the exercise, release or disclaimer of the power, or the revocation or amendment of the exercise, release or disclaimer of the power, is governed by the law of the powerholder's domicile at the relevant time. History: Laws 2016, ch. 69, § 103. ANNOTATIONSEffective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
NM Stat § 46-11-104 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 11 - Uniform Powers of Appointment|Article 1 - GENERAL PROVISIONS|Section 46-11-104 - Common law and principles of equity.

The common law and principles of equity supplement the Uniform Powers of Appointment Act, except to the extent modified by that act or New Mexico law other than that act. History: Laws 2016, ch. 69, § 104. ANNOTATIONSEffective dates. — Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.