reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 7 - Trust Administration › Part 6 - Uniform Prudent Investor Act › Section 45-7-605 - Duties at inception of trusteeship.

Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements and other circumstances of the trust, and with the requirements of the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978].
History:
1978 Comp., § 45-7-605, enacted by Laws 1995, ch. 210, § 86.
ANNOTATIONS
Effective dates.
— Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 7 - Trust Administration › Part 6 - Uniform Prudent Investor Act › Section 45-7-606 - Loyalty.

A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.
History:
1978 Comp., § 45-7-606, enacted by Laws 1995, ch. 210, § 87.
ANNOTATIONS
Effective dates.
— Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 7 - Trust Administration › Part 6 - Uniform Prudent Investor Act › Section 45-7-607 - Impartiality.

If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
History:
1978 Comp., § 45-7-607, enacted by Laws 1995, ch. 210, § 88.
ANNOTATIONS
Effective dates.
— Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 7 - Trust Administration › Part 6 - Uniform Prudent Investor Act › Section 45-7-608 - Investment costs.

In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust and the skills of the trustee.
History:
1978 Comp., § 45-7-608, enacted by Laws 1995, ch. 210, § 89.
ANNOTATIONS
Effective dates.
— Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 7 - Trust Administration › Part 6 - Uniform Prudent Investor Act › Section 45-7-609 - Reviewing compliance.

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
History:
1978 Comp., § 45-7-609, enacted by Laws 1995, ch. 210, § 90.
ANNOTATIONS
Effective dates.
— Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 7 - Trust Administration › Part 6 - Uniform Prudent Investor Act › Section 45-7-610 - Delegation of investment and management functions.

A. A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in:
(1) selecting an agent;
(2) establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and
(3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.
B. In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.
C. A trustee who complies with the requirements of Subsection A of this section is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.
D. By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.
History:
1978 Comp., § 45-7-610, enacted by Laws 1995, ch. 210, § 91.
ANNOTATIONS
Effective dates.
— Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 7 - Trust Administration › Part 6 - Uniform Prudent Investor Act › Section 45-7-611 - Language invoking standard.

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under the Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978]: "investments permissible by law for investment of trust funds", "legal investments", "authorized investments", "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital", "prudent man rule", "prudent trustee rule", "prudent person rule" and "prudent investor rule".
History:
1978 Comp., § 45-7-611, enacted by Laws 1995, ch. 210, § 92.
ANNOTATIONS
Effective dates.
— Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 7 - Trust Administration › Part 6 - Uniform Prudent Investor Act › Section 45-7-612 - Application to existing trusts.

The Uniform Prudent Investor Act [45-7-601 to 45-7-612 NMSA 1978] applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective date, the Uniform Prudent Investor Act governs only decisions or actions occurring after that date.
History:
1978 Comp., § 45-7-612, enacted by Laws 1995, ch. 210, § 93.
ANNOTATIONS
Effective dates.
— Laws 1995, ch. 210, § 94 made the Uniform Prudent Investor Act effective July 1, 1995.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 8 - Simultaneous Death Act (Repealed, Recompiled.) › Section 45-8-1 to 45-8-8 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1993, ch. 174, § 84 repealed 45-8-1 to 45-8-8 NMSA 1978, as enacted by Laws 1959, ch. 172, §§ 1 to 8, the Simultaneous Death Act, effective July 1, 1993. For provisions of former sections,
see
the 1992 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
45-1-201A(47), 45-2-104, 45-2-702 NMSA 1978.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 8 - Simultaneous Death Act (Repealed, Recompiled.) › Section 45-8-9 - Recompiled.

ANNOTATIONS
Recompilations.
— Laws 1993, ch. 174, § 65 recompiled former 45-8-9 NMSA 1978, as enacted by Laws 1973, ch. 276, § 8, relating to the validity and effect of wills executed by a wife prior to July 1, 1973, as 45-2-806 NMSA 1978, effective July 1, 1993. Laws 2011, ch. 124, § 33 recompiled former 45-2-806 NMSA 1978 as 45-2-808 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-1 - Recompiled.

History:
Laws 2005, ch. 143, § 5; recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-1 NMSA 1978 as 45-3-920 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-2 - Recompiled.

History:
Laws 2005, ch. 143, § 6; recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-2 NMSA 1978 as 45-3-921 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-3 - Recompiled.

History:
Laws 2005, ch. 143, § 7; recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-3 NMSA 1978 as 45-3-922 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-4 - Recompiled.

History:
Laws 2005, ch. 143, § 8; recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-4 NMSA 1978 as 45-3-923 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-5 - Recompiled.

History:
Laws 2005, ch. 143, § 9; recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-5 NMSA 1978 as 45-3-924 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-6 - Recompiled.

History:
Laws 2005, ch. 143, § 10; recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-6 NMSA 1978 as 45-3-925 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-7 - Recompiled.

History:
Laws 2005, ch. 143, § 11, recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-7 NMSA 1978 as 45-3-926 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-8 - Recompiled.

History:
Laws 2005, ch. 143, § 12; recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-8 NMSA 1978 as 45-3-927 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-9 - Recompiled.

History:
Laws 2005, ch. 143, § 13; recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-9 NMSA 1978 as 45-3-928 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-10 - Recompiled.

History:
Laws 2005, ch. 143, § 14; recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-10 NMSA 1978 as 45-3-929 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-11 - Recompiled.

History:
Laws 2005, ch. 143, § 15; recompiled by Laws 2011, ch. 124, § 99.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 99 recompiled former 45-9A-11 NMSA 1978 as 45-3-930 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-12 - Repealed.

History:
Laws 2005, ch. 143, § 16; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 45-9A-12 NMSA 1978, as enacted by Laws 2005, ch. 143, § 16, relating to uniformity of application and construction of the Uniform Estate Tax Apportionment Act, effective January 1, 2012. For provisions of former section,
see
the 2011 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 45 - Uniform Probate Code › Article 9A - Uniform Estate Tax Apportionment Act (Repealed, Recompiled.) › Section 45-9A-13 - Repealed.

History:
Laws 2005, ch. 143, § 17; repealed by Laws 2005, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 45-9A-13 NMSA 1978, as enacted by Laws 2005, ch. 143, § 17, relating to severability, effective January 1, 2012. For provisions of former section,
see
the 2011 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-1 - Repealed.

History:
Laws 1923, ch. 26, § 1; C.S. 1929, § 51-101; 1941 Comp., § 36-101; 1953 Comp., § 33-1-1; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-1 NMSA 1978, as enacted by Laws 1923, ch. 26, § 1, relating to definitions, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-2 - Repealed.

History:
Laws 1923, ch. 26, § 2; C.S. 1929, § 51-102; 1941 Comp., § 36-102; 1953 Comp., § 33-1-2; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-2 NMSA 1978, as enacted by Laws 1923, ch. 26, § 2, relating to payment or transfer to fiduciary, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-3 - Repealed.

History:
Laws 1923, ch. 26, § 4; C.S. 1929, § 51-104; 1941 Comp., § 36-104; 1953 Comp., § 33-1-4; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-3 NMSA 1978, as enacted by Laws 1923, ch. 26, § 4, relating to negotiable instruments transferred by fiduciary, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-4 - Repealed.

History:
Laws 1923, ch. 26, § 5; C.S. 1929, § 51-105; 1941 Comp., § 36-105; 1953 Comp., § 33-1-5; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-4 NMSA 1978, as enacted by Laws 1923, ch. 26, § 5, relating to bill of exchange drawn by fiduciary and payee's liability to principal, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-5 - Repealed.

History:
Laws 1923, ch. 26, § 6; C.S. 1929, § 51-106; 1941 Comp., § 36-106; 1953 Comp., § 33-1-6.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-5 NMSA 1978, as enacted by Laws 1923, ch. 26, § 6, relating to transfer of bill of exchange drawn by fiduciary who holds it as payee or transferee, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-6 - Repealed.

History:
Laws 1923, ch. 26, § 7; C.S. 1929, § 51-107; 1941 Comp., § 36-107; 1953 Comp., § 33-1-7; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-6 NMSA 1978, as enacted by Laws 1923, ch. 26, § 7, relating to bank accounts in name of fiduciary, checks drawn by fiduciary and bank's liability to principal, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-7 - Repealed.

History:
Laws 1923, ch. 26, § 8; C.S. 1929, § 51-108; 1941 Comp., § 36-108; 1953 Comp., § 33-1-8; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-7 NMSA 1978, as enacted by Laws 1923, ch. 26, § 8, relating to bank accounts in name of principal, checks drawn by fiduciary and bank's liability to principal, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-8 - Repealed.

History:
Laws 1923, ch. 26, § 9; C.S. 1929, § 51-109; 1941 Comp., § 36-109; 1953 Comp., § 33-1-9; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-8 NMSA 1978, as enacted by Laws 1923, ch. 26, § 9, relating to checks deposited in fiduciary's personal account and bank's liability to principal, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-9 - Repealed.

History:
Laws 1923, ch. 26, § 10; C.S. 1929, § 51-110; 1941 Comp., § 36-110; 1953 Comp., § 33-1-10; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-9 NMSA 1978, as enacted by Laws 1923, ch. 26, § 10, relating to joint trustees and checks drawn by one, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-10 - Repealed.

History:
Laws 1923, ch. 26, § 11; C.S. 1929, § 51-111; 1941 Comp., § 36-111; 1953 Comp., § 33-1-11; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-10 NMSA 1978, as enacted by Laws 1923, ch. 26, § 11, relating to prior transactions, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-11 - Repealed.

History:
Laws 1923, ch. 26, § 12; C.S. 1929, § 51-112; 1941 Comp., § 36-112; 1953 Comp., § 33-1-12; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-1-11 NMSA 1978, as enacted by Laws 1923, ch. 26, § 12, relating to law governing transactions not in this act, effective January 1, 2012. For provisions of former section,
see
the 2010 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-13 - Establishment of common trust funds; inclusion of affiliates.

Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself and its affiliated bank or trust company as fiduciary or to itself and its affiliated bank or trust company and others as co-fiduciaries and may, as fiduciary or co-fiduciary, invest funds which it lawfully holds for investment in interests in the common trust funds, if such investment is not prohibited by the instrument, judgment, decree or order creating the fiduciary relationship and if, in the case of co-fiduciaries, the bank or trust company procures the consent of its co-fiduciaries to the investment.
As used in this section, "affiliated" means two or more banks or trust companies in which eighty percent or more of the voting shares of each bank or trust company, excluding shares owned by the United States or by any company wholly owned by the United States, are directly or indirectly owned or controlled by a holding company.
History:
1953 Comp., § 33-1-21, enacted by Laws 1955, ch. 66, § 1; 1984, ch. 63, § 1.
ANNOTATIONS
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Authority of common trustee to transfer securities from one trust to another by purchase and sale, 129 A.L.R. 150.
Construction of Uniform Common Trust Fund Act, 64 A.L.R.2d 268.
90 C.J.S. Trusts § 329.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-14 - Court accountings.

When an accounting of a common trust fund is presented to a court for approval, the court shall assign a time and place for hearing and order notice thereof by: (1) publication once a week for three weeks the first publication to be not less than twenty days prior to the date of the hearing, of a notice in a newspaper having a circulation in the county in which the bank or trust company or branch thereof operating the common trust fund is located; and (2) mailing not less than fourteen days prior to the date of the hearing a copy of the notice to all beneficiaries of the trusts participating in the common trust fund whose names are known to the bank or trust company from the records kept by it in the regular course of business in the administration of said trusts, directed to them at the addresses shown by such records; and (3) such further notice if any as the court may order.
History:
1953 Comp., § 33-1-22, enacted by Laws 1955, ch. 66, § 2.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-15 - Uniformity of interpretation.

This act [46-1-13 to 46-1-16 NMSA 1978] shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it.
History:
1953 Comp., § 33-1-23, enacted by Laws 1955, ch. 66, § 3.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 1 - Fiduciary Obligations and Investments › Section 46-1-16 - Short title.

This act [46-1-13 to 46-1-16 NMSA 1978] may be cited as the Uniform Common Trust Fund Act.
History:
1953 Comp., § 33-1-24, enacted by Laws 1955, ch. 66, § 4.
ANNOTATIONS
Severability clauses.
— Laws 1955, ch. 66, § 5, provides for the severability of the act if any part or application thereof is held invalid.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
76 Am. Jur. 2d Trusts §§ 512 to 514.
Uniform Common Trust Fund Act, 64 A.L.R.2d 268.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-1 - Repealed.

History:
1941 Comp., § 36-301, enacted by Laws 1951, ch. 193, § 1; 1953 Comp., § 33-3-1; Laws 1965, ch. 27, § 1; 1995, ch. 190, § 1; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-1 NMSA 1978, as enacted by Laws 1951, ch. 193, § 1, relating to definitions, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-2 - Repealed.

History:
1941 Comp., § 36-302, enacted by Laws 1951, ch. 193, § 2; 1953 Comp., § 33-3-2; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-2 NMSA 1978, as enacted by Laws 1951, ch. 193, § 2, relating to bank account to pay special debts, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-3 - Repealed.

History:
1941 Comp., § 36-303, enacted by Laws 1951, ch. 193, § 3; 1953 Comp., § 33-3-3; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-3 NMSA 1978, as enacted by Laws 1951, ch. 193, § 3, relating to loan of trust funds, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-4 - Repealed.

History:
1978 Comp., § 46-2-4, enacted by Laws 1995, ch. 190, § 2; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-4 NMSA 1978, as enacted by Laws 1995, ch. 190, § 2, relating to corporate trustee depositing trust funds with self or affiliated depository institution, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-5 - Repealed.

History:
1941 Comp., § 36-305, enacted by Laws 1951, ch. 193, § 5; 1953 Comp., § 33-3-5; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-5 NMSA 1978, as enacted by Laws 1951, ch. 193, § 5, relating to trustee buying from or selling to self, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-6 - Repealed.

History:
1978 Comp., § 46-2-6, enacted by Laws 1995, ch. 190, § 3; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-6 NMSA 1978, as enacted by Laws 1995, ch. 190, § 3, relating to trustee selling from one trust to another trust, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-7 - Repealed.

History:
1941 Comp., § 36-307, enacted by Laws 1951, ch. 193, § 7; 1953 Comp., § 33-3-7; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-7 NMSA 1978, as enacted by Laws 1951, ch. 193, § 7, relating to corporate trustee buying its own stock, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-8 - Repealed.

History:
1941 Comp., § 36-308, enacted by Laws 1951, ch. 193, § 8; 1953 Comp., § 33-3-8; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-8 NMSA 1978, as enacted by Laws 1951, ch. 193, § 8, relating to voting stock, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-9 - Repealed.

History:
1941 Comp., § 36-309, enacted by Laws 1951, ch. 193, § 9; 1953 Comp., § 33-3-9; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-9 NMSA 1978, as enacted by Laws 1951, ch. 193, § 9, relating to holding stock in name of nominee, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-10 - Repealed.

History:
1941 Comp., § 36-310, enacted by Laws 1951, ch. 193, § 10; 1953 Comp., § 33-3-10; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-10 NMSA 1978, as enacted by Laws 1951, ch. 193, § 10, relating to powers attached to office, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-11 - Repealed.

History:
1941 Comp., § 36-311, enacted by Laws 1951, ch. 193, § 11; 1953 Comp., § 33-3-11; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-11 NMSA 1978, as enacted by Laws 1951, ch. 193, § 11, relating to powers exercisable by majority, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-12 - Repealed.

History:
1941 Comp., § 36-315, enacted by Laws 1951, ch. 193, § 15; 1953 Comp., § 33-3-15; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-12 NMSA 1978, as enacted by Laws 1951, ch. 193, § 15, relating to withdrawals from mingled trust funds, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-13 - Repealed.

History:
1941 Comp., § 36-316, enacted by Laws 1951, ch. 193, § 16; 1953 Comp., § 33-3-16; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-13 NMSA 1978, as enacted by Laws 1951, ch. 193, § 16, relating to unenforceable oral trust created by deed, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-14 - Repealed.

History:
1941 Comp., § 36-317, enacted by Laws 1951, ch. 193, § 17; 1953 Comp., § 33-3-17; 1995, ch. 190, § 4; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-14 NMSA 1978, as enacted by Laws 1951, ch. 193, § 17, relating to power of settlor, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-15 - Repealed.

History:
1941 Comp., § 36-318, enacted by Laws 1951, ch. 193, § 18; 1953 Comp., § 33-3-18; 1995, ch. 190, § 5; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-15 NMSA 1978, as enacted by Laws 1951, ch. 193, § 18, relating to power of beneficiary, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-16 - Repealed.

History:
1941 Comp., § 36-319, enacted by Laws 1951, ch. 193, § 19; 1953 Comp., § 33-3-19; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-16 NMSA 1978, as enacted by Laws 1951, ch. 193, § 19, relating to power of the court, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-17 - Repealed.

History:
1941 Comp., § 36-320, enacted by Laws 1951, ch. 193, § 20; 1953 Comp., § 33-3-20; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-17 NMSA 1978, as enacted by Laws 1951, ch. 193, § 20, relating to liabilities for violations of act, effective July 1, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-18 - Repealed.

History:
1941 Comp., § 36-321, enacted by Laws 1951, ch. 193, § 21; 1953 Comp., § 33-3-21; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-18 NMSA 1978, as enacted by Laws 1951, ch. 193, § 21, relating to uniformity of interpretation, effective July 1, 2003. For provisions of former section,
see
2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2 - Trusts (Repealed.) › Section 46-2-19 - Repealed.

History:
1941 Comp., § 36-322, enacted by Laws 1951, ch. 193, § 22; 1953 Comp., § 33-3-22; repealed by Laws 2003, ch. 122, § 11-1105.
ANNOTATIONS
Repeals.
— Laws 2003, ch. 122, § 11-1105 repealed 46-2-19 NMSA 1978, as enacted by Laws 1951, ch. 193, § 22, relating to the short title of the act, effective July 1, 2003. For provisions of former section,
see
2002 NMSA 1978 on
NMOneSource.com
. For present similar provisions,
see
Chapter 46A.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 2A - Fiduciary Investments › Section 46-2A-1 - Fiduciary investments; certain securities.

A bank or trust company that is acting as a fiduciary or agent may, in its discretion or at the direction of another person who is authorized to direct the investment of money held by the bank or trust company, invest in the securities of an open-end or closed-end management investment company or investment trust that is registered under the federal Investment Company Act of 1940, as amended. The bank or trust company, or any affiliate thereof, may provide services to the investment trust or investment company, including acting as an investment advisor, manager, sponsor, distributor, custodian, transfer agent or registrar, and may receive reasonable compensation for the services; provided that with respect to any funds invested, the bank or trust company or its affiliate shall disclose to the persons to whom statements of the account are rendered the rate, formula or other method by which the compensation paid is determined.
History:
Laws 1993, ch. 51, § 1.
ANNOTATIONS
Cross references.
— For Uniform Prudent Investor Act,
see
45-7-601 NMSA 1978 et seq.
For the federal Investment Company Act of 1940,
see
15 U.S.C. § 80a-1 et seq.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-1 - Repealed.

History:
1953 Comp., § 33-5-18, enacted by Laws 1969, ch. 239, § 1; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-1 NMSA 1978, as enacted by Laws 1969, ch. 239, § 1, relating to definitions, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-2 - Repealed.

History:
1953 Comp., § 33-5-19, enacted by Laws 1969, ch. 239, § 2; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-2 NMSA 1978, as enacted by Laws 1969, ch. 239, § 2, relating to duty of trustee as to receipts and expenditures, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-3 - Repealed.

History:
1953 Comp., § 33-5-18, enacted by Laws 1969, ch. 239, § 3; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-3 NMSA 1978, as enacted by Laws 1969, ch. 239, § 3, relating to income, principal, charges, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-4 - Repealed.

History:
1953 Comp., § 33-5-21, enacted by Laws 1969, ch. 239, § 4; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-4 NMSA 1978, as enacted by Laws 1969, ch. 239, § 4, relating to when right to income arises; apportionment of income, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-5 - Repealed.

History:
1953 Comp., § 33-5-22, enacted by Laws 1969, ch. 239, § 5; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-5 NMSA 1978, as enacted by Laws 1969, ch. 239, § 1, relating to income earned during administration of a decedent's estate, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-6 - Repealed.

History:
1953 Comp., § 33-5-23, enacted by Laws 1969, ch. 239, § 6; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-6 NMSA 1978, as enacted by Laws 1969, ch. 239, § 6, relating to corporate distributions, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-7 - Repealed.

History:
1953 Comp., § 33-5-24, enacted by Laws 1969, ch. 239, § 7; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-7 NMSA 1978, as enacted by Laws 1969, ch. 239, § 7, relating to bond premium and discount, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-8 - Repealed.

History:
1953 Comp., § 33-5-18, enacted by Laws 1969, ch. 239, § 8; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-8 NMSA 1978, as enacted by Laws 1969, ch. 239, § 8, relating to business and farming operations, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-9 - Repealed.

History:
1953 Comp., § 33-5-26, enacted by Laws 1969, ch. 239, § 9; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-9 NMSA 1978, as enacted by Laws 1969, ch. 239, § 1, relating to disposition of natural resources, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-10 - Repealed.

History:
1953 Comp., § 33-5-27, enacted by Laws 1969, ch. 239, § 10; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-10 NMSA 1978, as enacted by Laws 1969, ch. 239, § 10, relating to other property subject to depletion, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-11 - Repealed.

History:
1953 Comp., § 33-5-28, enacted by Laws 1969, ch. 239, § 11; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-11 NMSA 1978, as enacted by Laws 1969, ch. 239, § 11, relating to underproductive property, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-12 - Repealed.

History:
1953 Comp., § 33-5-29, enacted by Laws 1969, ch. 239, § 12; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-12 NMSA 1978, as enacted by Laws 1969, ch. 239, § 12, relating to charges against income and principal, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-13 - Repealed.

History:
1953 Comp., § 33-5-30, enacted by Laws 1969, ch. 239, § 13; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-13 NMSA 1978, as enacted by Laws 1969, ch. 239, § 13, relating to application of act, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-14 - Repealed.

History:
1953 Comp., § 33-5-18, enacted by Laws 1969, ch. 239, § 14; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-14 NMSA 1978, as enacted by Laws 1969, ch. 239, § 14, relating to uniformity of interpretation, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3 - Principal and Income (Repealed.) › Section 46-3-15 - Repealed.

History:
1953 Comp., § 33-5-18, enacted by Laws 1969, ch. 239, § 15; repealed by Laws 2001, ch. 113, § 604.
ANNOTATIONS
Repeals.
— Laws 2001, ch. 113, § 604 repealed 46-3-15 NMSA 1978, as enacted by Laws 1969, ch. 239, § 15, relating to the short title of the act, effective July 1, 2001. For provisions of former section,
see
the 2000 NMSA 1978 on
NMOneSource.com
. For present comparable provisions,
see
Chapter 46, Article 3A NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3A - Uniform Principal and Income › Article 1 - DEFINITIONS AND FIDUCIARY DUTIES › Section 46-3A-101 - Short title.

Chapter 46, Article 3A NMSA 1978 may be cited as the "Uniform Principal and Income Act".
History:
Laws 2001, ch. 113, § 101; 2011, ch. 124, § 86.
ANNOTATIONS
The 2011 amendment,
effective January 1, 2012, changed the statutory reference to the act.
Law reviews.
— For article, "Intestate Succession and Wills Law: The New Probate Code," see 6 N.M. L. Rev. 25 (1975).
For survey, "Article VII of the New Probate Code: In Pursuit of Uniform Trust Administration," see 6 N.M. L. Rev. 213 (1976).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Constitutionality of retrospective application of Uniform Principal and Income Act or other statutes relating to ascertainment of principal and income and apportionment of receipts and expenses among life tenants and remaindermen, 69 A.L.R.2d 1137.
90 C.J.S. Trusts § 355.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 3A - Uniform Principal and Income › Article 1 - DEFINITIONS AND FIDUCIARY DUTIES › Section 46-3A-103 - Fiduciary duties; general principles.

(a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of Articles 2 [46-3A-201, 46-3A-202 NMSA 1978] and 3 [46-3A-301 to 46-3A-303 NMSA 1978], a fiduciary:
(1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in the Uniform Principal and Income Act;
(2) may administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by the Uniform Principal and Income Act;
(3) shall administer a trust or estate in accordance with the Uniform Principal and Income Act if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and
(4) shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and the Uniform Principal and Income Act do not provide a rule for allocating the receipt or disbursement to or between principal and income.
(b) In exercising the power to adjust under Section 104(a) [46-3A-104 NMSA 1978] or a discretionary power of administration regarding a matter within the scope of the Uniform Principal and Income Act, whether granted by the terms of a trust, a will, or the Uniform Principal and Income Act, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with the Uniform Principal and Income Act is presumed to be fair and reasonable to all of the beneficiaries.
History:
Laws 2001, ch. 113, § 103.
ANNOTATIONS
Effective dates.
— Laws 2001, ch. 113, § 605 made the Uniform Principal and Income Act effective July 1, 2001.
Duty to produce income.
— It is the usual duty of trustees to cause a trust to produce income for the benefit of the trust.
Loco Credit Union v. Reed
, 1973-NMSC-122, 85 N.M. 729, 516 P.2d 1112.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
Construction of specific provision of will or trust instrument giving executor or trustee power to determine what is income or what is principal, 27 A.L.R.2d 1323.
Propriety of considering beneficiary's other means under trust provision authorizing invasion of principal for beneficiary's support, 41 A.L.R.3d 255.
Validity, construction, and effect of provisions of charitable trust providing for accumulation of income, 6 A.L.R.4th 903.
Payment or distribution under invalid instruction as breach of trustee's duty, 6 A.L.R.4th 1196.