New Mexico Statutes 46-7-16. Transfer authorized by will or trust
A. A personal representative or trustee may make an irrevocable transfer pursuant to Section 10 [46-7-20 N.M. Stat. Ann.] of the Uniform Transfers to Minors Act to a custodian for the benefit of a minor as authorized in the governing will or trust.
Terms Used In New Mexico Statutes 46-7-16
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
B. If the testator or settler has nominated a custodian under Section 4 [46-7-14 N.M. Stat. Ann.] of the Uniform Transfers to Minors Act to receive the custodial property, the transfer shall be made to that person.
C. If the testator or settler has not nominated a custodian under Section 4 of that act, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under Section 9 [46-7-19 N.M. Stat. Ann.] of that act.