New Mexico Statutes 46A-10-1009. Beneficiary’s consent, release or ratification
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A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach or ratified the transaction constituting the breach, unless:
Terms Used In New Mexico Statutes 46A-10-1009
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
A. the consent, release or ratification of the beneficiary was induced by improper conduct of the trustee; or
B. at the time of the consent, release or ratification, the beneficiary did not know of the beneficiary’s rights or of the material facts relating to the breach.