New Mexico Statutes 6-8A-5. Duties of financial organization or fiduciary
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A. If a designated beneficiary incurs a qualified disability expense, the financial organization or fiduciary shall pay such expense, or reimburse such expense; provided that the account balance is sufficient to do so.
Terms Used In New Mexico Statutes 6-8A-5
- 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
- Fiduciary: A trustee, executor, or administrator.
B. If any person attempts to contribute to an account and such contribution would exceed the limits on annual or maximum aggregate contributions to the account pursuant to 26 U.S.C. § 529A, the financial organization or fiduciary shall return the amount that exceeds such limits to the contributor.