reglab/housing_qa huggingface dataset:
NM Stat § 46-7-23 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-23 - Care of custodial property.

A. A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial property. B. In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor. C. A custodian may invest in or pay premiums on life insurance or endowment policies on: (1) the life of the minor only if the minor or the minor's estate is the sole beneficiary; or (2) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate or the custodian in the capacity of custodian is the irrevocable beneficiary. D. A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: "as a custodian for ____________________ (name of minor) under the Uniform Transfers to Minors Act". E. A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the minor or by the minor if the minor has attained the age of fourteen years. History: Laws 1989, ch. 357, § 13. ANNOTATIONSTreasurer and board of finance subject to "prudent person" test. — The state treasurer and the state board of finance in selecting proper investments for investment of the permanent funds belonging to the museum of New Mexico are subject to the "prudent person" test in this section. 1964 Op. Att'y Gen. No. 64-29.
NM Stat § 46-7-24 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-24 - Powers of custodian.

A. A custodian, acting in a custodial capacity, has all the rights, powers and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers and authority in that capacity only. B. This section does not relieve a custodian from liability for breach of Section 13 [46-7-23 NMSA 1978] of the Uniform Transfers to Minors Act. History: Laws 1989, ch. 357, § 14.
NM Stat § 46-7-25 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-25 - Use of custodial property.

A. A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: (1) the duty or ability of the custodian personally or of any other person to support the minor; or (2) any other income or property of the minor which may be applicable or available for that purpose. B. On petition of an interested person or the minor if the minor has attained the age of fourteen years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor. C. A delivery, payment or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor. History: Laws 1989, ch. 357, § 15.
NM Stat § 46-7-26 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-26 - Custodian's expenses, compensation and bond.

A. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. B. Except for one who is a transferor under Section 5 [46-7-15 NMSA 1978] of the Uniform Transfers to Minors Act a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. C. Except as provided in Subsection F of Section 19 [46-7-29 NMSA 1978] of the Uniform Transfers to Minors Act, a custodian need not give a bond. History: Laws 1989, ch. 357, § 16.
NM Stat § 46-7-27 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-27 - Exemption of third person from liability.

A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: A. the validity of the purported custodian's designation; B. the propriety of, or the authority under the Uniform Transfers to Minors Act, for any act of the purported custodian; C. the validity or propriety under that act of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or D. the propriety of the application of any property of the minor delivered to the purported custodian. History: Laws 1989, ch. 357, § 17.
NM Stat § 46-7-28 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-28 - Liability to third persons.

A. A claim based on: (1) a contract entered into by a custodian acting in a custodial capacity; (2) an obligation arising from the ownership or control of custodial property; or (3) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefore. B. A custodian is not personally liable: (1) on a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or (2) for an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault. C. A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault. History: Laws 1989, ch. 357, § 18.
NM Stat § 46-7-30 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-30 - Accounting by and determination of liability of custodian.

A. A minor who has attained the age of fourteen years, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor or a transferor's legal representative may petition the court: (1) for an accounting by the custodian or the custodian's legal representative; or (2) for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under Section 8 [46-7-18 NMSA 1978] of the Uniform Transfers to Minors Act to which the minor or the minor's legal representative was a party. B. A successor custodian may petition the court for an accounting by the predecessor custodian. C. The court, in a proceeding under the Uniform Transfers to Minors Act or in any other proceeding may require or permit the custodian or the custodian's legal representative to account. D. If a custodian is removed under Subsection F of Section 19 [46-7-29 NMSA 1978] of the Uniform Transfers to Minors Act, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property. History: Laws 1989, ch. 357, § 20.
NM Stat § 46-7-31 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-31 - Termination of custodianship.

The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of: A. the minor's attainment of twenty-one years of age with respect to custodial property transferred under Section 5 or 6 [46-7-15 or 46-7-16 NMSA 1978] of the Uniform Transfers to Minors Act; B. the minor's attainment of the age of majority under the laws of this state other than the Uniform Transfers to Minors Act with respect to custodial property transferred under Section 7 or 8 [46-7-17 or 46-7-18 NMSA 1978] of that act; C. the minor's death. History: Laws 1989, ch. 357, § 21. ANNOTATIONSCross references. — For age of majority, see 28-6-1 NMSA 1978.
NM Stat § 46-7-32 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-32 - Applicability.

The Uniform Transfers to Minors Act applies to a transfer within the scope of Section 3 [46-7-13 NMSA 1978] of that act made after its effective date if: A. the transfer purports to have been made under the Uniform Gifts to Minors Act of New Mexico; or B. the instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state and the application of the Uniform Transfers to Minors Act is necessary to validate the transfer. History: Laws 1989, ch. 357, § 22. ANNOTATIONSCompiler's notes. — The Uniform Gifts to Minors Act was repealed in 1989 by the same act that enacted this section.
NM Stat § 46-7-33 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-33 - Effect on existing custodianships.

A. Any transfer of custodial property as now defined in the Uniform Transfers to Minors Act made before the effective date of that act is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made. B. The Uniform Transfers to Minors Act applies to all transfers made before the effective date of that act in a manner and form prescribed in the Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on the effective date of that act. C. Sections 2 and 21 [46-7-12, 46-7-31 NMSA 1978] of the Uniform Transfers to Minors Act with respect to the age of a minor for whom custodial property is held under that act do not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of eighteen after June 17, 1973 and before the effective date of this section. History: Laws 1989, ch. 357, § 23. ANNOTATIONSCompiler's notes. — Laws 1989, ch. 357, § 27 made the Uniform Transfers to Minors Act effective on July 1, 1989. The Uniform Gifts to Minors Act was repealed in 1989 by the same act that enacted this section.
NM Stat § 46-7-34 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 7 - Transfers to Minors|Section 46-7-34 - Uniformity of application and construction.

The Uniform Transfers to Minors Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of that act among states enacting it. History: Laws 1989, ch. 357, § 24. ANNOTATIONSSeverability. — Laws 1989, ch. 357, § 25 provides for the severability of the Uniform Transfers to Minors Act if any part or application thereof is held invalid.
NM Stat § 46-8-1 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 8 - Simplification of Fiduciary Security Transfers|Section 46-8-1 - Short (long) title.

Sections 1 through 10 [46-8-1 to 46-8-10 NMSA 1978] of this act may be cited as the "Uniform Act for Simplification of Fiduciary Security Transfers". History: Laws 1991, ch. 177, § 1. ANNOTATIONSCross references. — For fiduciary obligations and investments, see Chapter 46, Article 1 NMSA 1978. For trusts, see Chapter 46A NMSA 1978. For Uniform Transfers to Minors Act, see Chapter 46, Article 7 NMSA 1978. For notice to purchaser of adverse claims, see 55-8-105 NMSA 1978.
NM Stat § 46-8-2 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 8 - Simplification of Fiduciary Security Transfers|Section 46-8-2 - Definitions.

In the Uniform Act for Simplification of Fiduciary Security Transfers, unless the context otherwise requires: A. "assignment" includes any written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer; B. "claim of beneficial interest" includes a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties; C. "corporation" means a private or public corporation, association or trust issuing a security; D. "fiduciary" means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee; E. "person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest or any other legal or commercial entity; F. "security" includes any share of stock, bond, debenture, note or other security issued by a corporation that is registered as to ownership on the books of the corporation; G. "transfer" means a change on the books of a corporation in the registered ownership of a security; and H. "transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation. History: Laws 1991, ch. 177, § 2.
NM Stat § 46-8-3 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 8 - Simplification of Fiduciary Security Transfers|Section 46-8-3 - Registration in the name of a fiduciary.

A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security. History: Laws 1991, ch. 177, § 3.
NM Stat § 46-8-4 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 8 - Simplification of Fiduciary Security Transfers|Section 46-8-4 - Assignment by a fiduciary.

Except as otherwise provided in the Uniform Act for Simplification of Fiduciary Security Transfers, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary: A. may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties; B. may assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer; and C. is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession. History: Laws 1991, ch. 177, § 4.
NM Stat § 46-8-5 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 8 - Simplification of Fiduciary Security Transfers|Section 46-8-5 - Evidence of appointment or incumbency.

A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency: A. in the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer thereof and dated within sixty days before the transfer; or B. in any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the corporation or transfer agent to be responsible or, in the absence of such a document or certificate, other evidence reasonably deemed by the corporation or transfer agent to be appropriate; corporations and transfer agents may adopt standards with respect to evidence of appointment or incumbency under this subsection provided such standards are not manifestly unreasonable; neither the corporation nor transfer agent is charged with notice of the contents of any document obtained pursuant to Subsection B of this section except to the extent that the contents relate directly to the appointment or incumbency. History: Laws 1991, ch. 177, § 5.
NM Stat § 46-8-6 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 8 - Simplification of Fiduciary Security Transfers|Section 46-8-6 - Adverse claims.

A. A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner, and the issue of which the security is a part, provides an address for communications directed to the claimant and is received before the transfer. Nothing in the Uniform Act for the Simplification of Fiduciary Security Transfers relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is so put on notice unless it proceeds in the manner authorized in Subsection B of this section. B. As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by him. If the corporation or transfer agent so mails such a notice it shall withhold the transfer for thirty days after the mailing and shall then make the transfer unless restrained by a court order. History: Laws 1991, ch. 177, § 6.
NM Stat § 46-8-7 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 8 - Simplification of Fiduciary Security Transfers|Section 46-8-7 - Non-liability of corporation and transfer agent.

A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by the Uniform Act for Simplification of Fiduciary Security Transfers. History: Laws 1991, ch. 177, § 7.
NM Stat § 46-8-8 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 8 - Simplification of Fiduciary Security Transfers|Section 46-8-8 - Non-liability of third persons.

A. No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty. B. If a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent by reason of The Uniform Act for Simplification of Fiduciary Security Transfers incurs no liability. C. This section does not impose any liability upon the corporation or its transfer agent. History: Laws 1991, ch. 177, § 8.
NM Stat § 46-8-9 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 8 - Simplification of Fiduciary Security Transfers|Section 46-8-9 - Territorial application.

A. The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized. B. The Uniform Act for Simplification of Fiduciary Security Transfers applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this state in connection with the acquisition, disposition, assignment or transfer of a security by or to a fiduciary and of a person who guarantees in this state the signature of a fiduciary in connection with such a transaction. History: Laws 1991, ch. 177, § 9.
NM Stat § 46-8-10 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 8 - Simplification of Fiduciary Security Transfers|Section 46-8-10 - Tax obligations.

The Uniform Act for the Simplification of Fiduciary Transfers does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession or other taxes imposed by the laws of this state. History: Laws 1991, ch. 177, § 10.
NM Stat § 46-9-1 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 9 - Uniform Management of Institutional Funds Act (Repealed.)|Section 46-9-1 - Repealed.

History: Laws 1997, ch. 199, § 1; repealed by Laws 2009, ch. 130, § 11.ANNOTATIONSRepeals. — Laws 2009, ch. 130, § 11 repealed 46-9-1 NMSA 1978, enacted by Laws 1997, ch. 199, § 1, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section, see the 2008 NMSA 1978 on NMOneSource.com.
NM Stat § 46-9-2 (2021)
2021 New Mexico Statutes|Chapter 46 - Fiduciaries and Trusts|Article 9 - Uniform Management of Institutional Funds Act (Repealed.)|Section 46-9-2 - Repealed.

History: Laws 1997, ch. 199, § 2; repealed by Laws 2009, ch. 130, § 11.ANNOTATIONSRepeals. — Laws 2009, ch. 130, § 11 repealed 46-9-2 NMSA 1978, enacted by Laws 1997, ch. 199, § 2, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section, see the 2008 NMSA 1978 on NMOneSource.com.