New Mexico Statutes 45-2-1102. Definitions
As used in the Uniform Disclaimer of Property Interests Act:
Terms Used In New Mexico Statutes 45-2-1102
- Fiduciary: A trustee, executor, or administrator.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
A. “disclaimant” means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made;
B. “disclaimed interest” means the interest that would have passed to the disclaimant had the disclaimer not been made;
C. “disclaimer” means the refusal to accept an interest in or power over property;
D. “fiduciary” means a personal representative, trustee, agent acting under a power of attorney or other person authorized to act as a fiduciary with respect to the property of another person;
E. “jointly held property” means property held in the name of two or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property; and
F. “trust” means:
(1) an express trust, charitable or noncharitable, with additions thereto, whenever and however created; and
(2) a trust created pursuant to a statute, judgment or decree that requires the trust to be administered in the manner of an express trust.