reglab/housing_qa huggingface dataset:
NM Stat § 45-7-507 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-507 - Multiple beneficiaries; separate custodial trusts; survivorship.

A. Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of spouses, for whom a right of survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for a right of survivorship.B. Custodial trust property held under the Uniform Custodial Trust Act by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.C. A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to Sections 45-7-508 and 45-7-516 NMSA 1978 for the administration of the custodial trust. History: 1978 Comp., § 45-7-507, enacted by Laws 1992, ch. 66, § 54; 2019, ch. 221, § 5.ANNOTATIONSThe 2019 amendment, effective July 1, 2019, in Subsection A, after "benefit of", deleted "husband and wife" and added "spouse", after "for whom", added "a right of", and after "provides for", added "a right".Applicability. — Laws 2019, ch. 221, § 7, provided that the provisions of this act apply to:A. a governing instrument created before, on or after July 1, 2019;B. a judicial proceeding commenced on or after July 1, 2019; andC. a judicial proceeding commenced before July 1, 2019, unless the court finds that application of a particular provision of this act would substantially interfere with the effective conduct of the judicial proceeding or prejudice a right of a party, in which case the particular provision does not apply and the previous law applies.
NM Stat § 45-7-508 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-508 - General duties of custodial trustee.

A. If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. B. If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee 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 law restricting investments by fiduciaries. However, a custodial trustee, in the custodial trustee's discretion, may retain any custodial trust property received from the transferor. If a custodial trustee has a special skill or expertise or is named custodial trustee on the basis of representation of a special skill or expertise, the custodial trustee shall use that skill or expertise. C. Subject to Subsection B of this section, a custodial trustee shall take control of and collect, hold, manage, invest and reinvest custodial trust property. D. A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control separate from all other property in a manner sufficient to identify it clearly as custodial trust property of the beneficiary. Custodial trust property, the title to which is subject to recordation, is so identified if an appropriate instrument so identifying the property is recorded, and custodial trust property subject to registration is so identified if it is registered, or held in an account in the name of the custodial trustee, designated in substance: "as custodial trustee for __________________ (name of beneficiary) under the Uniform Custodial Trust Act". E. A custodial trustee shall keep records of all transactions with respect to custodial trust property, including information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary. F. The exercise of a durable power of attorney for an incapacitated beneficiary is not effective to terminate or direct the administration or distribution of a custodial trust. History: 1978 Comp., § 45-7-508, enacted by Laws 1992, ch. 66, § 55.
NM Stat § 45-7-509 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-509 - General powers of custodial trustee.

A. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property that an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fudiciary [fiduciary] capacity only. B. This section does not relieve a custodial trustee from liability for a violation of Section 45-7-508 NMSA 1978. History: 1978 Comp., § 45-7-509, enacted by Laws 1992, ch. 66, § 56. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
NM Stat § 45-7-510 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-510 - Use of custodial trust property.

A. A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. B. If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated, or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner, when, and to the extent that the custodial trustee determines suitable and proper, without court order and without regard to other support, income or property of the beneficiary. C. A custodial trustee may establish checking, savings or other similar accounts of reasonable amounts under which either the custodial trustee or the beneficiary may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary. History: 1978 Comp., § 45-7-510, enacted by Laws 1992, ch. 66, § 57.
NM Stat § 45-7-511 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-511 - Determination of incapacity; effect.

A. The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if: (1) the custodial trust was created under Section 45-7-506 NMSA 1978; (2) the transferor has so directed in the instrument creating the custodial trust; or (3) the custodial trustee has determined that the beneficiary is incapacitated. B. A custodial trustee may determine that the beneficiary is incapacitated in reliance upon: (1) previous direction or authority given by the beneficiary while not incapacitated, including direction or authority pursuant to a durable power of attorney; (2) the certificate of the beneficiary's physician; or (3) other persuasive evidence. C. If a custodial trustee for an incapacitated beneficiary reasonably concludes that the beneficiary's incapacity has ceased, or that circumstances concerning the beneficiary's ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary, the custodial trustee may administer the trust as for a beneficiary who is not incapacitated. D. On petition of the beneficiary, the custodial trustee or other person interested in the custodial trust property or the welfare of the beneficiary, the court shall determine whether the beneficiary is incapacitated. E. Absent determination of incapacity of the beneficiary under Subsection B or D of this section, a custodial trustee who has reason to believe that the beneficiary is incapacitated shall administer the custodial trust in accordance with the provisions of the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] applicable to an incapacitated beneficiary. F. Incapacity of a beneficiary does not terminate: (1) the custodial trust; (2) any designation of a successor custodial trustee; (3) rights or powers of the custodial trustee; or (4) any immunities of third persons acting on instructions of the custodial trustee. History: 1978 Comp., § 45-7-511, enacted by Laws 1992, ch. 66, § 58.
NM Stat § 45-7-512 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-512 - Exemption of third person from liability.

A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not responsible for determining: A. the validity of the purported custodial trustee's designation; B. the propriety of, or the authority under the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] for, any action of the purported custodial trustee; C. the validity or propriety of an instrument executed or instruction given pursuant to the Uniform Custodial Trust Act either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or D. the propriety of the application of property vested in the purported custodial trustee. History: 1978 Comp., § 45-7-512, enacted by Laws 1992, ch. 66, § 59.
NM Stat § 45-7-513 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-513 - Liability to third person.

A. A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property or a tort committed in the course of administering the custodial trust, may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable. B. A custodial trustee is not personally liable to a third person: (1) on a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to reveal that capacity or to identify the custodial trust in the contract; or (2) for an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust unless the custodial trustee is personally at fault. C. A beneficiary is not personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course of administration of the custodial trust unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault. D. Subsections B and C of this section do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance. History: 1978 Comp., § 45-7-513, enacted by Laws 1992, ch. 66, § 60.
NM Stat § 45-7-515 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-515 - Expenses, compensation and bond of custodial trustee.

Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee: A. is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services; B. has a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and C. need not furnish a bond or other security for the faithful performance of fiduciary duties. History: 1978 Comp., § 45-7-515, enacted by Laws 1992, ch. 66, § 62.
NM Stat § 45-7-516 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-516 - Reporting and accounting by custodial trustee; determination of liability of custodial trustee.

A. Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property: (1) once each year; (2) upon request at reasonable times by the beneficiary or the beneficiary's legal representative; (3) upon resignation or removal of the custodial trustee; and (4) upon termination of the custodial trust. The statements must be provided to the beneficiary or to the beneficiary's legal representative, if any. Upon termination of the beneficiary's interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered. B. A beneficiary, the beneficiary's legal representative, an adult member of the beneficiary's family, a person interested in the custodial trust property or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee's legal representative. C. A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee. D. In an action or proceeding under the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee's legal representative to account. The custodial trustee or the custodial trustee's legal representative may petition the court for approval of final accounts. E. If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property. F. On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others. History: 1978 Comp., § 45-7-516, enacted by Laws 1992, ch. 66, § 63.
NM Stat § 45-7-517 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-517 - Limitations of action against custodial trustee.

A. Except as provided in Subsection C of this section, unless previously barred by adjudication, consent or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered or the legal representative of an incapacitated or deceased beneficiary or payee: (1) who has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two years after receipt of the final account or statement; or (2) who has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three years after the termination of the custodial trust. B. Except as provided in Subsection C of this section, a claim for relief to recover from a custodial trustee for fraud, misrepresentation or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust, is barred unless an action or proceeding to assert the claim is commenced within five years after the termination of the custodial trust. C. A claim for relief is not barred by this section if the claimant: (1) is a minor, until the earlier of two years after the claimant becomes an adult or dies; (2) is an incapacitated adult, until the earliest of two years after: (a) the appointment of a conservator; (b) the removal of the incapacity; or (c) the death of the claimant; or (3) was an adult, now deceased, who was not incapacitated, until two years after the claimant's death. History: 1978 Comp., § 45-7-517, enacted by Laws 1992, ch. 66, § 64.
NM Stat § 45-7-518 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-518 - Distribution on termination.

A. Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (1) to the beneficiary, if not incapacitated or deceased; (2) to the conservator or other recipient designated by the court for an incapacitated beneficiary; or (3) upon the beneficiary's death, in the following order: (a) as last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary; (b) to the survivor of multiple beneficiaries if survivorship is provided for pursuant to Section 45-7-507 NMSA 1978; (c) as designated in the instrument creating the custodial trust; or (d) to the estate of the deceased beneficiary. B. If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated. C. Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust. History: 1978 Comp., § 45-7-518, enacted by Laws 1992, ch. 66, § 65.
NM Stat § 45-7-520 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-520 - Applicable law.

A. The Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] applies to a transfer or declaration creating a custodial trust that refers to that act if, at the time of the transfer or declaration, the transferor, beneficiary or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this state. The custodial trust remains subject to that act despite a later change in residence or principal place of business of the transferor, beneficiary or custodial trustee, or removal of the custodial trust property from this state. B. A transfer made pursuant to an act of another state substantially similar to the Uniform Custodial Trust Act is governed by the law of that state and may be enforced in this state. History: 1978 Comp., § 45-7-520, enacted by Laws 1992, ch. 66, § 67.
NM Stat § 45-7-521 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-521 - Uniformity of application and construction.

The Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] 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: 1978 Comp., § 45-7-521, enacted by Laws 1992, ch. 66, § 68.
NM Stat § 45-7-522 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 5 - Custodial Trusts|Section 45-7-522 - Severability.

If any provision of the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of that act that can be given effect without the invalid provision or application, and to this end the provisions of that act are severable. History: 1978 Comp., § 45-7-522, enacted by Laws 1992, ch. 66, § 69.
NM Stat § 45-7-601 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 6 - Uniform Prudent Investor Act|Section 45-7-601 - Short title.

Sections 45-7-601 through 45-7-612 NMSA 1978 may be cited as the "Uniform Prudent Investor Act". History: 1978 Comp., § 45-7-601, enacted by Laws 1995, ch. 210, § 82. ANNOTATIONSCross references. — For fiduciaries and trusts, see Chapter 46 NMSA 1978. Effective dates. — Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004). For student article, "New Mexico's Land Grant and Severance Tax Permanent Funds: Renewable Wealth from Non-Renewable Resources," see 48 Nat. Resources J. 719 (2008).
NM Stat § 45-7-602 (2021)
2021 New Mexico Statutes|Chapter 45 - Uniform Probate Code|Article 7 - Trust Administration|Part 6 - Uniform Prudent Investor Act|Section 45-7-602 - Prudent investor rule.

A. Except as otherwise provided in Subsection B of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978]. B. The prudent investor rule, a default rule, may be expanded, restricted, eliminated or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust. History: 1978 Comp., § 45-7-602, enacted by Laws 1995, ch. 210, § 83. ANNOTATIONSEffective dates. — Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995.