New Mexico Statutes 46-12-118. Removal or replacement of authorized fiduciary
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An authorized fiduciary shall not exercise the decanting power to modify a provision in a first-trust instrument granting another person power to remove or replace the fiduciary unless:
Terms Used In New Mexico Statutes 46-12-118
- Fiduciary: A trustee, executor, or administrator.
A. the person holding the power consents to the modification in a signed record and the modification applies only to the person;
B. the person holding the power and the qualified beneficiaries of the second trust consent to the modification in a signed record and the modification grants a substantially similar power to another person; or
C. the court approves the modification and the modification grants a substantially similar power to another person.