reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 7 - Transfers to Minors › Section 46-7-30 - Accounting by and determination of liability of custodian.

A. A minor who has attained the age of fourteen years, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor or a transferor's legal representative may petition the court:
(1) for an accounting by the custodian or the custodian's legal representative; or
(2) for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under Section 8 [46-7-18 NMSA 1978] of the Uniform Transfers to Minors Act to which the minor or the minor's legal representative was a party.
B. A successor custodian may petition the court for an accounting by the predecessor custodian.
C. The court, in a proceeding under the Uniform Transfers to Minors Act or in any other proceeding may require or permit the custodian or the custodian's legal representative to account.
D. If a custodian is removed under Subsection F of Section 19 [46-7-29 NMSA 1978] of the Uniform Transfers to Minors Act, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
History:
Laws 1989, ch. 357, § 20.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 7 - Transfers to Minors › Section 46-7-31 - Termination of custodianship.

The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:
A. the minor's attainment of twenty-one years of age with respect to custodial property transferred under Section 5 or 6 [46-7-15 or 46-7-16 NMSA 1978] of the Uniform Transfers to Minors Act;
B. the minor's attainment of the age of majority under the laws of this state other than the Uniform Transfers to Minors Act with respect to custodial property transferred under Section 7 or 8 [46-7-17 or 46-7-18 NMSA 1978] of that act;
C. the minor's death.
History:
Laws 1989, ch. 357, § 21.
ANNOTATIONS
Cross references.
— For age of majority,
see
28-6-1 NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 7 - Transfers to Minors › Section 46-7-32 - Applicability.

The Uniform Transfers to Minors Act applies to a transfer within the scope of Section 3 [46-7-13 NMSA 1978] of that act made after its effective date if:
A. the transfer purports to have been made under the Uniform Gifts to Minors Act of New Mexico; or
B. the instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the Uniform Gifts to Minors Act" or "as custodian under the Uniform Transfers to Minors Act" of any other state and the application of the Uniform Transfers to Minors Act is necessary to validate the transfer.
History:
Laws 1989, ch. 357, § 22.
ANNOTATIONS
Compiler's notes.
— The Uniform Gifts to Minors Act was repealed in 1989 by the same act that enacted this section.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 7 - Transfers to Minors › Section 46-7-33 - Effect on existing custodianships.

A. Any transfer of custodial property as now defined in the Uniform Transfers to Minors Act made before the effective date of that act is validated notwithstanding that there was no specific authority in the Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
B. The Uniform Transfers to Minors Act applies to all transfers made before the effective date of that act in a manner and form prescribed in the Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on the effective date of that act.
C. Sections 2 and 21 [46-7-12, 46-7-31 NMSA 1978] of the Uniform Transfers to Minors Act with respect to the age of a minor for whom custodial property is held under that act do not apply to custodial property held in a custodianship that terminated because of the minor's attainment of the age of eighteen after June 17, 1973 and before the effective date of this section.
History:
Laws 1989, ch. 357, § 23.
ANNOTATIONS
Compiler's notes.
— Laws 1989, ch. 357, § 27 made the Uniform Transfers to Minors Act effective on July 1, 1989.
The Uniform Gifts to Minors Act was repealed in 1989 by the same act that enacted this section.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 7 - Transfers to Minors › Section 46-7-34 - Uniformity of application and construction.

The Uniform Transfers to Minors Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of that act among states enacting it.
History:
Laws 1989, ch. 357, § 24.
ANNOTATIONS
Severability.
— Laws 1989, ch. 357, § 25 provides for the severability of the Uniform Transfers to Minors Act if any part or application thereof is held invalid.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 8 - Simplification of Fiduciary Security Transfers › Section 46-8-1 - Short (long) title.

Sections 1 through 10 [46-8-1 to 46-8-10 NMSA 1978] of this act may be cited as the "Uniform Act for Simplification of Fiduciary Security Transfers".
History:
Laws 1991, ch. 177, § 1.
ANNOTATIONS
Cross references.
— For fiduciary obligations and investments,
see
Chapter 46, Article 1 NMSA 1978.
For trusts,
see
Chapter 46A NMSA 1978.
For Uniform Transfers to Minors Act,
see
Chapter 46, Article 7 NMSA 1978.
For notice to purchaser of adverse claims,
see
55-8-105 NMSA 1978.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 8 - Simplification of Fiduciary Security Transfers › Section 46-8-2 - Definitions.

In the Uniform Act for Simplification of Fiduciary Security Transfers, unless the context otherwise requires:
A. "assignment" includes any written stock power, bond power, bill of sale, deed, declaration of trust or other instrument of transfer;
B. "claim of beneficial interest" includes a claim of any interest by a decedent's legatee, distributee, heir or creditor, a beneficiary under a trust, a ward, a beneficial owner of a security registered in the name of a nominee or a minor owner of a security registered in the name of a custodian, or a claim of any similar interest, whether the claim is asserted by the claimant or by a fiduciary or by any other authorized person on his behalf, and includes a claim that the transfer would be in breach of fiduciary duties;
C. "corporation" means a private or public corporation, association or trust issuing a security;
D. "fiduciary" means an executor, administrator, trustee, guardian, committee, conservator, curator, tutor, custodian or nominee;
E. "person" includes an individual, a corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, two or more persons having a joint or common interest or any other legal or commercial entity;
F. "security" includes any share of stock, bond, debenture, note or other security issued by a corporation that is registered as to ownership on the books of the corporation;
G. "transfer" means a change on the books of a corporation in the registered ownership of a security; and
H. "transfer agent" means a person employed or authorized by a corporation to transfer securities issued by the corporation.
History:
Laws 1991, ch. 177, § 2.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 8 - Simplification of Fiduciary Security Transfers › Section 46-8-3 - Registration in the name of a fiduciary.

A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent or correct description of the fiduciary relationship; and thereafter the corporation and its transfer agent may assume without inquiry that the newly registered owner continues to be the fiduciary until the corporation or transfer agent receives written notice that the fiduciary is no longer acting as such with respect to the particular security.
History:
Laws 1991, ch. 177, § 3.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 8 - Simplification of Fiduciary Security Transfers › Section 46-8-4 - Assignment by a fiduciary.

Except as otherwise provided in the Uniform Act for Simplification of Fiduciary Security Transfers, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary:
A. may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and capacity and is not in breach of his fiduciary duties;
B. may assume without inquiry that the fiduciary has complied with any controlling instrument and with the law of the jurisdiction governing the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer; and
C. is not charged with notice of and is not bound to obtain or examine any court record or any recorded or unrecorded document relating to the fiduciary relationship or the assignment, even though the record or document is in its possession.
History:
Laws 1991, ch. 177, § 4.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 8 - Simplification of Fiduciary Security Transfers › Section 46-8-5 - Evidence of appointment or incumbency.

A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency:
A. in the case of a fiduciary appointed or qualified by a court, a certificate issued by or under the direction or supervision of that court or an officer thereof and dated within sixty days before the transfer; or
B. in any other case, a copy of a document showing the appointment or a certificate issued by or on behalf of a person reasonably believed by the corporation or transfer agent to be responsible or, in the absence of such a document or certificate, other evidence reasonably deemed by the corporation or transfer agent to be appropriate; corporations and transfer agents may adopt standards with respect to evidence of appointment or incumbency under this subsection provided such standards are not manifestly unreasonable; neither the corporation nor transfer agent is charged with notice of the contents of any document obtained pursuant to Subsection B of this section except to the extent that the contents relate directly to the appointment or incumbency.
History:
Laws 1991, ch. 177, § 5.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 8 - Simplification of Fiduciary Security Transfers › Section 46-8-6 - Adverse claims.

A. A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put on notice unless the written notice identifies the claimant, the registered owner, and the issue of which the security is a part, provides an address for communications directed to the claimant and is received before the transfer. Nothing in the Uniform Act for the Simplification of Fiduciary Security Transfers relieves the corporation or transfer agent of any liability for making or refusing to make the transfer after it is so put on notice unless it proceeds in the manner authorized in Subsection B of this section.
B. As soon as practicable after the presentation of a security for transfer pursuant to an assignment by a fiduciary, a corporation or transfer agent which has received notice of a claim of beneficial interest adverse to the transfer may send notice of the presentation by registered or certified mail to the claimant at the address given by him. If the corporation or transfer agent so mails such a notice it shall withhold the transfer for thirty days after the mailing and shall then make the transfer unless restrained by a court order.
History:
Laws 1991, ch. 177, § 6.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 8 - Simplification of Fiduciary Security Transfers › Section 46-8-7 - Non-liability of corporation and transfer agent.

A corporation or transfer agent incurs no liability to any person by making a transfer or otherwise acting in a manner authorized by the Uniform Act for Simplification of Fiduciary Security Transfers.
History:
Laws 1991, ch. 177, § 7.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 8 - Simplification of Fiduciary Security Transfers › Section 46-8-8 - Non-liability of third persons.

A. No person who participates in the acquisition, disposition, assignment or transfer of a security by or to a fiduciary, including a person who guarantees the signature of the fiduciary, is liable for participation in any breach of fiduciary duty by reason of failure to inquire whether the transaction involves a breach unless it is shown that he acted with actual knowledge that the proceeds of the transaction were being or were to be used wrongfully for the individual benefit of the fiduciary or that the transaction was otherwise in breach of duty.
B. If a corporation or transfer agent makes a transfer pursuant to an assignment by a fiduciary, a person who guaranteed the signature of the fiduciary is not liable on the guarantee to any person to whom the corporation or transfer agent by reason of The Uniform Act for Simplification of Fiduciary Security Transfers incurs no liability.
C. This section does not impose any liability upon the corporation or its transfer agent.
History:
Laws 1991, ch. 177, § 8.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 8 - Simplification of Fiduciary Security Transfers › Section 46-8-9 - Territorial application.

A. The rights and duties of a corporation and its transfer agents in registering a security in the name of a fiduciary or in making a transfer of a security pursuant to an assignment by a fiduciary are governed by the law of the jurisdiction under whose laws the corporation is organized.
B. The Uniform Act for Simplification of Fiduciary Security Transfers applies to the rights and duties of a person other than the corporation and its transfer agents with regard to acts and omissions in this state in connection with the acquisition, disposition, assignment or transfer of a security by or to a fiduciary and of a person who guarantees in this state the signature of a fiduciary in connection with such a transaction.
History:
Laws 1991, ch. 177, § 9.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 8 - Simplification of Fiduciary Security Transfers › Section 46-8-10 - Tax obligations.

The Uniform Act for the Simplification of Fiduciary Transfers does not affect any obligation of a corporation or transfer agent with respect to estate, inheritance, succession or other taxes imposed by the laws of this state.
History:
Laws 1991, ch. 177, § 10.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-1 - Repealed.

History:
Laws 1997, ch. 199, § 1; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-1 NMSA 1978, enacted by Laws 1997, ch. 199, § 1, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-2 - Repealed.

History:
Laws 1997, ch. 199, § 2; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-2 NMSA 1978, enacted by Laws 1997, ch. 199, § 2, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-3 - Repealed.

History:
Laws 1997, ch. 199, § 3; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-3 NMSA 1978, enacted by Laws 1997, ch. 199, § 3, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-4 - Repealed.

History:
Laws 1997, ch. 199, § 4; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-4 NMSA 1978, enacted by Laws 1997, ch. 199, § 4, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-5 - Repealed.

History:
Laws 1997, ch. 199, § 5; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-5 NMSA 1978, enacted by Laws 1997, ch. 199, § 5, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-6 - Repealed.

History:
Laws 1997, ch. 199, § 6; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-6 NMSA 1978, enacted by Laws 1997, ch. 199, § 6, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-7 - Repealed.

History:
Laws 1997, ch. 199, § 7; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-7 NMSA 1978, enacted by Laws 1997, ch. 199, § 7, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-8 - Repealed.

History:
Laws 1997, ch. 199, § 8; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-8 NMSA 1978, enacted by Laws 1997, ch. 199, § 8, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-9 - Repealed.

History:
Laws 1997, ch. 199, § 9; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-9 NMSA 1978, enacted by Laws 1997, ch. 199, § 9, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-10 - Repealed.

History:
Laws 1997, ch. 199, § 10; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-10 NMSA 1978, enacted by Laws 1997, ch. 199, § 10, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-11 - Repealed.

History:
Laws 1997, ch. 199, § 11; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-11 NMSA 1978, enacted by Laws 1997, ch. 199, § 11, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9 - Uniform Management of Institutional Funds Act (Repealed.) › Section 46-9-12 - Repealed.

History:
Laws 1997, ch. 199, § 12; repealed by Laws 2009, ch. 130, § 11.
ANNOTATIONS
Repeals.
— Laws 2009, ch. 130, § 11 repealed 46-9-12 NMSA 1978, enacted by Laws 1997, ch. 199, § 12, relating to the Uniform Management of Institutional Funds Act, effective July 1, 2009. For provisions of former section,
see
the 2008 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9A - Uniform Prudent Management of Institutional Funds › Section 46-9A-1 - Short title.

This act [46-9A-1 to 46-9A-10 NMSA 1978] may be cited as the "Uniform Prudent Management of Institutional Funds Act".
History:
Laws 2009, ch. 130, § 1.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 130, § 12 provided that the act was effective July 1, 2009.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9A - Uniform Prudent Management of Institutional Funds › Section 46-9A-2 - Definitions.

As used in the Uniform Prudent Management of Institutional Funds Act:
A. "charitable purpose" means the relief of poverty, advancement of education or religion, promotion of health, promotion of a governmental purpose or any other purpose the achievement of which is beneficial to the community;
B. "endowment fund" means an institutional fund or part thereof that, pursuant to the terms of a gift instrument, is not wholly expendable by the institution on a current basis. "Endowment fund" does not include assets that an institution designates as an endowment fund for its own use;
C. "gift instrument" means a record or records, including an institutional solicitation, pursuant to which property is granted to, transferred to or held by an institution as an institutional fund;
D. "institution" means:
(1) a person, other than an individual, organized and operated exclusively for charitable purposes;
(2) a government or governmental subdivision, agency or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or
(3) a trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated;
E. "institutional fund" means a fund held by an institution exclusively for charitable purposes. "Institutional fund" does not include:
(1) program-related assets;
(2) a fund held for an institution by a trustee that is not an institution;
(3) a fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund;
(4) a fund established pursuant to the provisions of Article 8, Section 10 of the constitution of New Mexico; or
(5) a fund established pursuant to the provisions of Article 12, Section 2 of the constitution of New Mexico;
F. "person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality or any other legal or commercial entity;
G. "program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment; and
H. "record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
History:
Laws 2009, ch. 130, § 2.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 130, § 12 provided that the act was effective July 1, 2009.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9A - Uniform Prudent Management of Institutional Funds › Section 46-9A-4 - Appropriation for expenditure or accumulation of an endowment fund; rules of construction.

A. Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:
(1) the duration and preservation of the endowment fund;
(2) the purposes of the institution and the endowment fund;
(3) general economic conditions;
(4) the possible effect of inflation or deflation;
(5) the expected total return from income and the appreciation of investments;
(6) other resources of the institution; and
(7) the investment policy of the institution.
B. To limit the authority to appropriate for expenditure or accumulate pursuant to Subsection A of this section, a gift instrument shall specifically state the limitation.
C. Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income", "interest", "dividends" or "rents, issues or profits", or "to preserve the principal intact", or words of similar import:
(1) create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and
(2) do not otherwise limit the authority to appropriate for expenditure or accumulate pursuant to Subsection A of this section.
History:
Laws 2009, ch. 130, § 4.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 130, § 12 provided that the act was effective July 1, 2009.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9A - Uniform Prudent Management of Institutional Funds › Section 46-9A-5 - Delegation of management and investment functions.

A. Subject to any specific limitation set forth in a gift instrument or in any law other than the Uniform Prudent Management of Institutional Funds Act, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:
(1) selecting an agent;
(2) establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and
(3) periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.
B. In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.
C. An institution that complies with Subsection A of this section is not liable for the decisions or actions of an agent to which the function was delegated.
D. By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.
E. An institution may delegate management and investment functions to its committees, officers or employees as authorized by law of this state other than the Uniform Prudent Management of Institutional Funds Act.
History:
Laws 2009, ch. 130, § 5.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 130, § 12 provided that the act was effective July 1, 2009.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9A - Uniform Prudent Management of Institutional Funds › Section 46-9A-6 - Release or modification of restrictions on management, investment or purpose.

A. If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.
B. The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if the restriction impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the attorney general of the application, and the attorney general shall be given an opportunity to be heard. To the extent practicable, any modification shall be made in accordance with the donor's probable intention.
C. If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the attorney general of the application, and the attorney general shall be given an opportunity to be heard.
D. If an institution determines that a restriction contained in a gift instrument on the management, investment or purpose of an institutional fund is unlawful, impracticable, impossible to achieve or wasteful, the institution, sixty days after notification to the attorney general, may release or modify the restriction, in whole or part, if:
(1) the institutional fund subject to the restriction has a total value of less than twenty-five thousand dollars ($25,000);
(2) more than twenty years have elapsed since the fund was established; and
(3) the institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.
History:
Laws 2009, ch. 130, § 6.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 130, § 12 provided that the act was effective July 1, 2009.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9A - Uniform Prudent Management of Institutional Funds › Section 46-9A-7 - Reviewing compliance.

Compliance with the Uniform Prudent Management of Institutional Funds Act is determined in light of the facts and circumstances existing at the time a decision is made or action is taken and not by hindsight.
History:
Laws 2009, ch. 130, § 7.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 130, § 12 provided that the act was effective July 1, 2009.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9A - Uniform Prudent Management of Institutional Funds › Section 46-9A-8 - Application to existing institutional funds.

The Uniform Prudent Management of Institutional Funds Act applies to institutional funds existing on or established after July 1, 2009. As applied to institutional funds existing on July 1, 2009, the Uniform Prudent Management of Institutional Funds Act governs only decisions made or actions taken on or after July 1, 2009. Decisions made and actions taken before July 1, 2009 are governed by the Uniform Management of Institutional Funds Act [repealed] as if that act had not been repealed.
History:
Laws 2009, ch. 130, § 8.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Laws 2009, ch. 130, § 11, repealed the Uniform Management of Institutional Funds Act, effective July 1, 2009.
Effective dates.
— Laws 2009, ch. 130, § 12 provided that the act was effective July 1, 2009.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9A - Uniform Prudent Management of Institutional Funds › Section 46-9A-9 - Relation to Electronic Signatures in Global and National Commerce Act.

The Uniform Prudent Management of Institutional Funds Act modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit or supersede Section 101 of that act, 15 U.S.C. Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 U.S.C. Section 7003(b).
History:
Laws 2009, ch. 130, § 9.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 130, § 12 provided that the act was effective July 1, 2009.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 9A - Uniform Prudent Management of Institutional Funds › Section 46-9A-10 - Uniformity of application and construction.

In applying and construing the Uniform Prudent Management of Institutional Funds Act, 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 2009, ch. 130, § 10.
ANNOTATIONS
Effective dates.
— Laws 2009, ch. 130, § 12 provided that the act was effective July 1, 2009.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-1 - Recompiled.

History:
Laws 2001, ch. 290, § 1; recompiled by Laws 2011, ch. 124, § 89.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 89 recompiled and amended former 46-10-1 NMSA 1978 as 45-2-1101 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-2 - Recompiled.

History:
Laws 2001, ch. 290, § 2; recompiled by Laws 2011, ch. 124, § 90.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 90 recompiled and amended former 46-10-2 NMSA 1978 as 45-2-1102 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-3 - Recompiled.

History:
Laws 2001, ch. 290, § 3; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-3 NMSA 1978 as 45-2-1103 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-4 - Recompiled.

History:
Laws 2001, ch. 290, § 4; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-4 NMSA 1978 as 45-2-1104 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-5 - Recompiled.

History:
Laws 2001, ch. 290, § 5; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-5 NMSA 1978 as 45-2-1105 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-6 - Recompiled.

History:
Laws 2001, ch. 290, § 6; recompiled by Laws 2011, ch. 124, § 91.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 91 recompiled and amended former 46-10-6 NMSA 1978 as 45-2-1106 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-7 - Recompiled.

History:
Laws 2001, ch. 290, § 7; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-7 NMSA 1978 as 45-2-1107 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-8 - Recompiled.

History:
Laws 2001, ch. 290, § 8; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-8 NMSA 1978 as 45-2-1108 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-9 - Recompiled.

History:
Laws 2001, ch. 290, § 9; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-9 NMSA 1978 as 45-2-1109 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-10 - Recompiled.

History:
Laws 2001, ch. 290, § 10; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-10 NMSA 1978 as 45-2-1110 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-11 - Recompiled.

History:
Laws 2001, ch. 290, § 11; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-11 NMSA 1978 as 45-2-1111 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-12 - Recompiled.

History:
Laws 2001, ch. 290, § 12; recompiled by Laws 2011, ch. 124, § 92.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 92 recompiled and amended former 46-10-12 NMSA 1978 as 45-2-1112 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-13 - Recompiled.

History:
Laws 2001, ch. 290, § 13; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-13 NMSA 1978 as 45-2-1113 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-14 - Recompiled.

History:
Laws 2001, ch. 290, § 14; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-14 NMSA 1978 as 45-2-1114 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-15 - Recompiled.

History:
Laws 2001, ch. 290, § 15; recompiled by Laws 2011, ch. 124, § 93.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 93 recompiled and amended former 46-10-15 NMSA 1978 as 45-2-1115 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-16 - Recompiled.

History:
Laws 2001, ch. 290, § 16; recompiled by Laws 2011, ch. 124, § 101.
ANNOTATIONS
Recompilations.
— Laws 2011, ch. 124, § 101 recompiled former 46-10-16 NMSA 1978 as 45-2-1116 NMSA 1978, effective January 1, 2012.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 10 - Uniform Disclaimer of Property Interests Act (Repealed, Recompiled.) › Section 46-10-17 - Repealed.

History:
Laws 2001, ch. 290, § 17; repealed by Laws 2011, ch. 124, § 97.
ANNOTATIONS
Repeals.
— Laws 2011, ch. 124, § 97 repealed 46-10-17 NMSA 1978, as enacted by Laws 2001, ch. 290, § 17, relating to uniformity of application and construction, 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 11 - Uniform Powers of Appointment › Article 1 - GENERAL PROVISIONS › Section 46-11-101 - Short title.

Sections 101 through 603 [46-11-101 to 46-11-603] of this act may be cited as the "Uniform Powers of Appointment Act".
History:
Laws 2016, ch. 69, § 101.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 11 - Uniform Powers of Appointment › Article 1 - GENERAL PROVISIONS › Section 46-11-103 - Governing law.

Unless the terms of the instrument creating a power of appointment manifest a contrary intent:
A. the creation, revocation or amendment of the power is governed by the law of the donor's domicile at the relevant time; and
B. the exercise, release or disclaimer of the power, or the revocation or amendment of the exercise, release or disclaimer of the power, is governed by the law of the powerholder's domicile at the relevant time.
History:
Laws 2016, ch. 69, § 103.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 11 - Uniform Powers of Appointment › Article 1 - GENERAL PROVISIONS › Section 46-11-104 - Common law and principles of equity.

The common law and principles of equity supplement the Uniform Powers of Appointment Act, except to the extent modified by that act or New Mexico law other than that act.
History:
Laws 2016, ch. 69, § 104.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 11 - Uniform Powers of Appointment › Article 2 - CREATION, REVOCATION AND AMENDMENT OF POWER OF APPOINTMENT › Section 46-11-201 - Creation of power of appointment.

A. A power of appointment is created only if:
(1) the instrument creating the power:
(a) is valid under applicable law; and
(b) except as otherwise provided in Subsection B of this section, transfers the appointive property; and
(2) the terms of the instrument creating the power manifest the donor's intent to create in a powerholder a power of appointment over the appointive property exercisable in favor of a permissible appointee.
B. Subparagraph (b) of Paragraph (1) of Subsection A of this section does not apply to the creation of a power of appointment by the exercise of a power of appointment.
C. A power of appointment shall not be created in a deceased individual.
D. Subject to the provisions of Section 45-2-901 NMSA 1978, a power of appointment may be created in an unborn or unascertained powerholder.
History:
Laws 2016, ch. 69, § 201.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 11 - Uniform Powers of Appointment › Article 2 - CREATION, REVOCATION AND AMENDMENT OF POWER OF APPOINTMENT › Section 46-11-202 - Nontransferability.

A powerholder shall not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses.
History:
Laws 2016, ch. 69, § 202.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 11 - Uniform Powers of Appointment › Article 2 - CREATION, REVOCATION AND AMENDMENT OF POWER OF APPOINTMENT › Section 46-11-203 - Presumption of unlimited authority.

Subject to Section 205 [46-11-205 NMSA 1978] of the Uniform Powers of Appointment Act, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is:
A. presently exercisable;
B. exclusionary; and
C. except as otherwise provided in Section 204 [46-11-204 NMSA 1978] of the Uniform Powers of Appointment Act, general.
History:
Laws 2016, ch. 69, § 203.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 11 - Uniform Powers of Appointment › Article 2 - CREATION, REVOCATION AND AMENDMENT OF POWER OF APPOINTMENT › Section 46-11-204 - Exception to presumption of unlimited authority.

Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if:
A. the power is exercisable only at the powerholder's death; and
B. the permissible appointees of the power are a defined and limited class that does not include the powerholder's estate, the powerholder's creditors or the creditors of the powerholder's estate.
History:
Laws 2016, ch. 69, § 204.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 11 - Uniform Powers of Appointment › Article 2 - CREATION, REVOCATION AND AMENDMENT OF POWER OF APPOINTMENT › Section 46-11-205 - Rules of classification.

A. As used in this section, "adverse party" means a person with a substantial beneficial interest in property that would be affected adversely by a powerholder's exercise or nonexercise of a power of appointment in favor of the powerholder, the powerholder's estate, a creditor of the powerholder or a creditor of the powerholder's estate.
B. If a powerholder may exercise a power of appointment only with the consent or joinder of an adverse party, the power is nongeneral.
C. If the permissible appointees of a power of appointment are not defined and limited, the power is exclusionary.
History:
Laws 2016, ch. 69, § 205.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 11 - Uniform Powers of Appointment › Article 2 - CREATION, REVOCATION AND AMENDMENT OF POWER OF APPOINTMENT › Section 46-11-206 - Power to revoke or amend.

A donor may revoke or amend a power of appointment only to the extent that:
A. the instrument creating the power is revocable by the donor; or
B. the donor reserves a power of revocation or amendment in the instrument creating the power of appointment.
History:
Laws 2016, ch. 69, § 206.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.
2023 New Mexico Statutes › Chapter 46 - Fiduciaries and Trusts › Article 11 - Uniform Powers of Appointment › Article 3 - EXERCISE OF POWER OF APPOINTMENT › Section 46-11-301 - Requisites for exercise of power of appointment.

A power of appointment is exercised only:
A. if the instrument exercising the power is valid under applicable law; and
B. if the terms of the instrument exercising the power:
(1) manifest the powerholder's intent to exercise the power; and
(2) subject to Section 304 [46-11-304 NMSA 1978] of the Uniform Powers of Appointment Act, satisfy the requirements of exercise, if any, imposed by the donor; and
C. to the extent the appointment is a permissible exercise of the power.
History:
Laws 2016, ch. 69, § 301.
ANNOTATIONS
Effective dates.
— Laws 2016, ch. 69, § 727B made Laws 2016, ch. 69, §§ 101 through 603 and 724 effective January 1, 2017.