New Mexico Statutes 46-12-104. Fiduciary duty
Current as of: 2024 | Check for updates
|
Other versions
A. In exercising the decanting power, an authorized fiduciary shall act in accordance with its fiduciary duties, including the duty to act in accordance with the purposes of the first trust.
Terms Used In New Mexico Statutes 46-12-104
- Fiduciary: A trustee, executor, or administrator.
B. The Uniform Trust Decanting Act does not create or imply a duty to exercise the decanting power or to inform beneficiaries about the applicability of the Uniform Trust Decanting Act.
C. Except as otherwise provided in a first-trust instrument, the terms of the first trust are, for purposes of the Uniform Trust Decanting Act, Section 46A-8-801 N.M. Stat. Ann. and Subsection A of Section 46A-8-802 N.M. Stat. Ann., deemed to include the decanting power.