New Mexico Statutes 46-3A-112. Remedies
A. A trustee who reasonably and in good faith takes any action or omits to take any action pursuant to Sections 46-3A-105 through 46-3A-113 N.M. Stat. Ann. is not liable to any person interested in the trust.
Terms Used In New Mexico Statutes 46-3A-112
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
B. If a trustee reasonably and in good faith takes or omits to take any action pursuant to Sections 46-3A-105 through 46-3A-113 N.M. Stat. Ann. and a person interested in the trust opposes the act or omission, in addition to any other remedy otherwise provided or available by law, the person may seek an order of the court directing the trustee to:
(1) convert the trust to a total return trust; (2) reconvert from a total return trust;
(3) change the distribution percentage; or
(4) order any administrative procedures the court determines are necessary or helpful for the proper functioning of the trust.
C. A claim for relief pursuant to Subsection B of this section that is not barred by adjudication, consent or limitation is nevertheless barred as to any beneficiary who has received a written notice fully disclosing the matter unless a proceeding to assert the claim is commenced within six months after receipt of the statement.