New Mexico Statutes 46A-7-705. Resignation of trustee
Current as of: 2024 | Check for updates
|
Other versions
A. A trustee may resign:
Terms Used In New Mexico Statutes 46A-7-705
- Trustee: A person or institution holding and administering property in trust.
(1) upon at least thirty days’ notice to the qualified beneficiaries, the settlor, if living, and all co-trustees; or
(2) with the approval of the court.
B. In approving a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
C. Any liability of a resigning trustee or of any sureties on the trustee’s bond for acts or omissions of the trustee is not discharged or affected by the trustee’s resignation.