New Mexico Statutes 46-12-103. Scope
A. Except as otherwise provided in Subsections B and C of this section, the Uniform Trust Decanting Act applies to an express trust that is irrevocable or revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.
Terms Used In New Mexico Statutes 46-12-103
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Trustee: A person or institution holding and administering property in trust.
B. The Uniform Trust Decanting Act does not apply to a trust held solely for charitable purposes.
C. Subject to Section 1-115 [46-12-115 N.M. Stat. Ann.] of the Uniform Trust Decanting Act, a trust instrument may restrict or prohibit exercise of the decanting power.
D. The Uniform Trust Decanting Act does not limit the power of a trustee, powerholder or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, New Mexico law other than the Uniform Trust Decanting Act, common law, a court order or a nonjudicial-settlement agreement.
E. The Uniform Trust Decanting Act does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.