reglab/housing_qa huggingface dataset:
NM Stat § 46A-10-1005 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1005 - Limitation of action against trustee.

A. A beneficiary shall not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding. B. A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence. C. If Subsection A of this section does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust must be commenced within five years after the first to occur of: (1) the removal, resignation or death of the trustee; (2) the termination of the beneficiary's interest in the trust; or (3) the termination of the trust. History: Laws 2007, ch. 128, § 27. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-10-1006 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1006 - Reliance on trust instrument.

A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance. History: Laws 2003, ch. 122, § 10-1005; recompiled as § 46A-10-1006 by Laws 2007, ch. 128, § 30. ANNOTATIONSRecompilation. — Laws 2007, ch. 128, § 30 recompiled former 46A-10-1005 NMSA 1978, as enacted by Laws 2003, ch. 122, § 10-1005, as 46A-10-1006 NMSA 1978, effective July 1, 2007. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-10-1007 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1007 - Event affecting administration or distribution.

If the happening of an event, including marriage, divorce, performance of educational requirements or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss resulting from the trustee's lack of knowledge. History: Laws 2003, ch. 122, § 10-1006; recompiled as § 46A-10-1007 by Laws 2007, ch. 128, § 30. ANNOTATIONSRecompilation. — Laws 2007, ch. 128, § 30 recompiled former 46A-10-1006 NMSA 1978, as enacted by Laws 2003, ch. 122, § 10-1006, as 46A-10-1007 NMSA 1978, effective July 1, 2007. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-10-1008 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1008 - Exculpation of trustee.

A. A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: (1) relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or (2) was inserted as the result of an abuse by the trustee of a fiduciary or confidential relationship to the settlor. B. An exculpatory term drafted or caused to be drafted by the trustee is invalid as an abuse of a fiduciary or confidential relationship unless the trustee proves that the exculpatory term is fair under the circumstances and that its existence and contents were adequately communicated to the settlor. History: Laws 2003, ch. 122, § 10-1007; recompiled as § 46A-10-1008 by Laws 2007, ch. 128, § 30. ANNOTATIONSRecompilation. — Laws 2007, ch. 128, § 30 recompiled former 46A-10-1007 NMSA 1978, as enacted by Laws 2003, ch. 122, § 10-1007, as 46A-10-1008 NMSA 1978, effective July 1, 2007. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-10-1009 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1009 - Beneficiary's consent, release or ratification.

A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach or ratified the transaction constituting the breach, unless: A. the consent, release or ratification of the beneficiary was induced by improper conduct of the trustee; or B. at the time of the consent, release or ratification, the beneficiary did not know of the beneficiary's rights or of the material facts relating to the breach. History: Laws 2003, ch. 122, § 10-1008; recompiled as § 46A-10-1009 by Laws 2007, ch. 128, § 30. ANNOTATIONSRecompilation. — Laws 2007, ch. 128, § 30 recompiled former 46A-10-1008 NMSA 1978, as enacted by Laws 2003, ch. 122, § 10-1008, as 46A-10-1009 NMSA 1978, effective July 1, 2007. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-10-1010 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1010 - Limitation on personal liability of trustee.

A. Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. B. A trustee is personally liable for torts committed in the course of administering a trust, or for obligations arising from ownership or control of trust property, including liability for violation of environmental law, only if the trustee is personally at fault. C. A claim based on a contract entered into by a trustee in the trustee's fiduciary capacity, on an obligation arising from ownership or control of trust property, or on a tort committed in the course of administering a trust, may be asserted in a judicial proceeding against the trustee in the trustee's fiduciary capacity, whether or not the trustee is personally liable for the claim. History: Laws 2003, ch. 122, § 10-1009; recompiled as § 46A-10-1010 by Laws 2007, ch. 128, § 30. ANNOTATIONSRecompilation. — Laws 2007, ch. 128, § 30 recompiled former 46A-10-1009 NMSA 1978, as enacted by Laws 2003, ch. 122, § 10-1009, as 46A-10-1010 NMSA 1978, effective July 1, 2007. Compiler's note. — Laws 2007, ch. 128, § 30 recompiled Laws 2003, ch. 122, §§ 10-1005 through 10-1009 as §§ 46A-10-1006 through 46A-10-1010 NMSA 1978. Section 10-1010 NMSA 1978 was previously enacted as "Reserved" by Laws 2003, ch. 122, § 10-1010. The compiler has deleted the compilation of Laws 2003, ch. 122, § 10-1010 as superceded by 2007, ch. 128, § 30. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-10-1011 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1011 - Interest as general partner.

A. Except as otherwise provided in Subsection C of this section or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust's acquisition of the interest if the fiduciary capacity was disclosed in the contract or in a statement previously filed or recorded pursuant to the provisions of any version of the Uniform Partnership Act [54-1A-1002 NMSA 1978] or the Uniform Limited Partnership Act [repealed]. B. Except as otherwise provided in Subsection C of this section, a trustee who holds an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault. C. The immunity provided by this section does not apply if an interest in the partnership is held by the trustee in a capacity other than that of trustee or is held by the trustee's spouse or one or more of the trustee's descendants, siblings or parents, or the spouse of any of them. D. If the trustee of a revocable trust holds an interest as a general partner, the settlor is personally liable for contracts and other obligations of the partnership as if the settlor were a general partner. History: Laws 2007, ch. 128, § 28. ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law. Laws 2007, ch. 129, § 1206 repealed the Uniform Limited Partnership Act, Sections 54-2-1 through 54-2-63 NMSA 1978, effective January 1, 2009. Effective dates. — Laws 2007, ch. 128, § 31 made the section effective July 1, 2007.
NM Stat § 46A-10-1012 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees|Section 46A-10-1012 - Protection of person dealing with trustee.

A. A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers is protected from liability as if the trustee properly exercised the power. B. A person other than a beneficiary who in good faith deals with a trustee is not required to inquire into the extent of the trustee's powers or the propriety of their exercise. C. A person who in good faith delivers assets to a trustee need not ensure their proper application. D. A person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated, is protected from liability as if the former trustee were still a trustee. E. Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section. History: Laws 2003, ch. 122, § 10-1011; recompiled as § 46A-10-1012 by Laws 2007, ch. 128, § 30. ANNOTATIONSRecompilation. — Laws 2007, ch. 128, § 30 recompiled former 46A-10-1011 NMSA 1978, as enacted by Laws 2003, ch. 122, § 10-1011, as 46A-10-1012 NMSA 1978, effective July 1, 2007. Law reviews. — For article, "The New Mexico Uniform Trust Code," see 34 N.M.L. Rev. 1 (2004).
NM Stat § 46A-11-1101 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 11 - Miscellaneous Provisions|Section 46A-11-1101 - Uniformity of application and construction.

In applying and construing the Uniform Trust Code [46A-1-101 NMSA 1978], consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: Laws 2003, ch. 122, § 11-1101. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-11-1102 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 11 - Miscellaneous Provisions|Section 46A-11-1102 - Electronic records and signatures.

The provisions of the Uniform Trust Code [46A-1-101 to 46A-11-1104 NMSA 1978] governing the legal effect, validity or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of Section 102 of the federal Electronic Signatures in Global and National Commerce Act and supersede, modify and limit the requirements of the federal Electronic Signatures in Global and National Commerce Act. History: Laws 2003, ch. 122, § 11-1102. ANNOTATIONSCross references. — For the federal Electronic Signatures in Global and National Commerce Act generally, see 15 U.S.C.S. § 7001 et seq. For Section 102 of the act, see 15 U.S.C.S. § 7002. Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-11-1103 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 11 - Miscellaneous Provisions|Section 46A-11-1103 - Severability.

If any provision of the Uniform Trust Code [46A-1-101 NMSA 1978] or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of that code which can be given effect without the invalid provision or application, and to this end the provisions of the code are severable. History: Laws 2003, ch. 122, § 11-1103. ANNOTATIONSEffective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.
NM Stat § 46A-11-1104 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 11 - Miscellaneous Provisions|Section 46A-11-1104 - Application to existing relationships.

A. Except as otherwise provided in the Uniform Trust Code [46A-1-101 NMSA 1978], on the effective date of the Uniform Trust Code or of any amendment to that code: (1) the Uniform Trust Code or the amendment applies to all trusts created before, on or after its effective date; (2) the Uniform Trust Code or the amendment applies to all judicial proceedings concerning trusts commenced on or after its effective date; (3) the Uniform Trust Code or the amendment applies to judicial proceedings concerning trusts commenced before its effective date, unless the court finds that application of a particular provision of the Uniform Trust Code or the amendment would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of the Uniform Trust Code or the amendment does not apply and the superseded law applies; (4) any rule of construction or presumption provided in the Uniform Trust Code or the amendment applies to trust instruments executed before the effective date of the Uniform Trust Code or any amendment to that code unless there is a clear indication of a contrary intent in the terms of the trust; and (5) an act done before the effective date of the Uniform Trust Code or any amendment to that code is not affected by the Uniform Trust Code or the amendment. B. If a right is acquired, extinguished or barred upon the expiration of a prescribed period that has commenced to run under any other statute before the effective date of the Uniform Trust Code or any amendment to that code, that statute continues to apply to the right even if it has been repealed or superseded. C. The Uniform Trust Code or any amendment to that code does not apply to the trust created by the Enabling Act for New Mexico of June 20, 1910, 36 Stat. 557, Ch. 310. History: Laws 2003, ch. 122, § 11-1104; 2011, ch. 124, § 96. ANNOTATIONSCompiler's notes. — For the Enabling Act, see the New Mexico Territorial Laws and Treaties on NMOneSource.com. The 2011 amendment, effective January 1, 2012, made amendments to the Uniform Trust Code applicable to the provisions of the Uniform Trust Code as of the effective date of the amendments.
NM Stat § 46A-11-1105 (2021)
2021 New Mexico Statutes|Chapter 46A - Uniform Trust Code|Article 11 - Miscellaneous Provisions|Section 46A-11-1105 - Application to existing relationships.

A. Except as otherwise provided in this 2007 act: (1) the provisions of this 2007 act apply to all trusts created before, on or after July 1, 2007; (2) the provisions of this 2007 act apply to all judicial proceedings concerning trusts commenced on or after July 1, 2007; (3) the provisions of this 2007 act apply to judicial proceedings concerning trusts commenced before July 1, 2007 unless the court finds that application of a particular provision of this 2007 act would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of this 2007 act does not apply and the superseded law applies; (4) any rule of construction or presumption provided in this 2007 act applies to trust instruments executed before July 1, 2007 unless there is a clear indication of a contrary intent in the terms of the trust; and (5) an act done before the effective date of this 2007 act is not affected by the provisions of this 2007 act. B. If a right is acquired, extinguished or barred upon the expiration of a prescribed period that has commenced to run under any other statute before July 1, 2007, that statute continues to apply to the right even if it has been repealed or superseded. C. The provisions of this 2007 act do not apply to the trust created by the Enabling Act for New Mexico of June 20, 1910, 36 Stat. 557, Ch. 310. History: Laws 2007, ch. 128, § 29. ANNOTATIONSEffective dates. — Laws 2007, ch. 128, § 31 made the section effective July 1, 2007.
NM Stat § 47-1-2 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 1 - Conveyances and General Provisions|Section 47-1-2 - Monopolies; entailments; primogeniture.

Monopolies are contrary to the genius of a free government and shall never be allowed, nor shall the law of primogeniture or entailments ever be in force in this state. History: Laws 1851-1852, p. 154; C.L. 1865, ch. 95, § 17; C.L. 1884, § 2600; C.L. 1897, § 3774; Code 1915, § 4770; C.S. 1929, § 117-114; 1941 Comp., § 75-102; 1953 Comp., § 70-1-2; Laws 1992, ch. 66, § 70. ANNOTATIONSCross references. — For constitutional provisions against privileges and monopolies, see N.M. Const., art. IV, §§ 26, 38. The 1992 amendment, effective July 1, 1992, added the section heading and deleted "Perpetuities and" from the beginning of the section. Restricted deed not monopoly. — The prohibition of this section of the creation of monopolies is not violated by restricted deeds (of an improvement company establishing a townsite) which restrict forever the sale of intoxicating liquors in the town to one block, by such persons as are designated by the company, such restriction being for the benefit of the community and without intent to create a monopoly. Alamogordo Improvement Co. v. Prendergast, 1940-NMSC-075, 45 N.M. 40, 109 P.2d 254. Testamentary trust not violative of rule against perpetuities. — A testamentary trust complied with the rule against perpetuities where both the private and charitable portions of the trust were to terminate 21 years after the death of one of the beneficiaries. In re Will of Coe, 1992-NMCA-006, 113 N.M. 355, 826 P.2d 576. Law reviews. — For article, "Toward Clarification of New Mexico's Real Property Statutes," see 1 Nat. Res. J. 163 (1961). Am. Jur. 2d, A.L.R. and C.J.S. references. — Accumulation of income as subject of governmental restraint in absence of explicit statute, 152 A.L.R. 657. Restrictive covenants, conditions and agreements in respect of real property discriminating against persons on account of race, color or religion, 3 A.L.R.2d 466.
NM Stat § 47-1-3 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 1 - Conveyances and General Provisions|Section 47-1-3 - Repealed.

ANNOTATIONSRepeals. — Laws 1992, ch. 66, § 71 repealed 47-1-3 NMSA 1978, as enacted by Laws 1959, ch. 46, § 1, relating to trust for benefit of employees not invalidated by rule against perpetuities, effective July 1, 1992. For provisions of former section, see the 1991 NMSA 1978 on NMOneSource.com. For present comparable provisions, see 45-2-1001 to 45-2-1006 NMSA 1978.
NM Stat § 47-1-5 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 1 - Conveyances and General Provisions|Section 47-1-5 - [Signing of conveyances.]

All conveyances of real estate shall be subscribed by the person transferring his title or interest in said real estate, or by his legal agent or attorney. History: Laws 1851-1852, p. 374; C.L. 1865, ch. 44, § 4; C.L. 1884, § 2751; C.L. 1897, § 3942; Code 1915, § 4760; C.S. 1929, § 117-104; 1941 Comp., § 75-104; 1953 Comp., § 70-1-4. ANNOTATIONSSection provides greater formality and certainty in the transfer of realty. McBee v. O'Connell, 1911-NMSC-049, 16 N.M. 469, 120 P. 734. Written instruments essential. — Under the civil law as it existed in New Mexico in 1868, written instruments were essential for the sale of land. Maxwell Land Grant Co. v. Dawson, 151 U.S. 586, 14 S. Ct. 458, 38 L. Ed. 279 (1894). Making mark ineffective without assent or ratification. — A deed executed by using the hand of a person to make his mark thereon at the place of signature is void, where the grantor does not consciously assent to the signature so made, nor afterwards ratify the same, and a certificate of acknowledgment placed thereon under such circumstances does not render it valid. Garcia v. Leal, 1924-NMSC-078, 30 N.M. 249, 231 P. 631. Acknowledgement necessary for recordation and protection of grants. — Statute of this state does not require deeds to be acknowledged, except for recordation, and for the protection of the grantee against subsequent purchasers in good faith and without notice. Garcia v. Leal, 1924-NMSC-078, 30 N.M. 249, 231 P. 631. Am. Jur. 2d, A.L.R. and C.J.S. references. — 23 Am. Jur. 2d Deeds § 110. Necessity of privy examination of wife to acknowledgment of conveyance, 1 A.L.R. 1089. Exercise of duress by third person as affecting acknowledgment, 4 A.L.R. 869, 62 A.L.R. 1477. Subscribing witness's denial or forgetfulness of signature by mark, 17 A.L.R. 1275. Effect of filing affidavit of forgery against ancient deed, 18 A.L.R. 908. Use of diminutive or nickname as affecting operation of record as notice, 45 A.L.R. 557. Formal acknowledgment of instrument by one whose name is signed thereto by another as an adoption of the signature, 57 A.L.R. 525. Alteration in deed or mortgage with consent of parties thereto after acknowledgment or attestation as affecting notice from record thereof, 67 A.L.R. 366, 369. Improper insertion or omission of middle initial of one's name as affecting constructive notice from public records, 122 A.L.R. 909. Joining in instrument as ratification of or estoppel as to prior ineffective instrument affecting real property, 7 A.L.R.2d 294. Acknowledgment, record of instrument without acknowledgment or insufficiently acknowledged, as notice, 59 A.L.R.2d 1299. Procuring signature by fraud as forgery, 11 A.L.R.3d 1074. Check given in land transaction as sufficient writing to satisfy statute of frauds, 9 A.L.R.4th 1009. Sufficiency of showing, in establishing boundary by parol agreement, that boundary was uncertain or in dispute before agreement, 72 A.L.R.4th 132. 26 C.J.S. Deeds § 34.
NM Stat § 47-1-6 (2021)
2021 New Mexico Statutes|Chapter 47 - Property Law|Article 1 - Conveyances and General Provisions|Section 47-1-6 - Seal unnecessary.

No seal or scroll is necessary to the validity of any contract, bond or conveyance, whether respecting real or personal property, or any other instrument of writing, nor does the addition or omission of a seal or scroll in any way affect the force or effect of the same. History: Laws 1901, ch. 62, § 11; Code 1915, § 4761; C.S. 1929, § 117-105; 1941 Comp., § 75-105; Laws 1967, ch. 87, § 9; 1953 Comp., § 70-1-5. ANNOTATIONSSection abolished distinction between sealed and unsealed instruments. Griffith v. Humble, 1942-NMSC-006, 46 N.M. 113, 122 P.2d 134; Parker v. Beasley, 1936-NMSC-004, 40 N.M. 68, 54 P.2d 687; Merchants Nat'l Bank v. Otero, 1918-NMSC-080, 24 N.M. 598, 175 P. 781. Recitation of seal immaterial to consideration. — The recitation at the close of a letter agreement that said agreement "shall be considered a sealed instrument by all parties signing" had no bearing on the question of lack of consideration. Russell v. Texas Consol. Oils, 120 F. Supp. 508 (D.N.M. 1954). Am. Jur. 2d, A.L.R. and C.J.S. references. — 23 Am. Jur. 2d Deeds § 115; 68 Am. Jur. 2d Seals §§ 7 to 9. 26 C.J.S. Deeds §§ 34, 75.