New Mexico Statutes 46-11-504. Creditor claim; nongeneral power
A. Except as otherwise provided in Subsections B and C of this section, appointive property subject to a nongeneral power of appointment is exempt from a claim of a creditor of the powerholder or the powerholder’s estate.
Terms Used In New Mexico Statutes 46-11-504
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
B. Appointive property subject to a nongeneral power of appointment is subject to a claim of a creditor of the powerholder or the powerholder’s estate to the extent that the powerholder owned the property and, reserving the nongeneral power, transferred the property in violation of the Uniform Voidable Transactions Act N.M. Stat. Ann. § 56-10-14 to 56-10-29.
C. If the initial gift in default of appointment is to the powerholder or the powerholder’s estate, a nongeneral power of appointment is treated for purposes of this article as a general power.