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Section 46-14-3 - Application; principal place of administration.

NM Stat § 46-14-3 (2019) (N/A)
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A. The Uniform Directed Trust Act applies to a trust, whenever created, that has its principal place of administration in New Mexico, subject to the following rules:

(1) if the trust was created before January 1, 2019, that act applies only to a decision or action occurring on or after that date; and

(2) if the principal place of administration of the trust is changed to New Mexico on or after January 1, 2019, that act applies only to a decision or action occurring on or after the date of the change.

B. Without precluding other means to establish a sufficient connection with the designated jurisdiction in a directed trust, the terms of the trust that designate the principal place of administration of the trust are valid and controlling if:

(1) a trustee's principal place of business is located in, or a trustee is a resident of, the designated jurisdiction;

(2) a trust director's principal place of business is located in, or a trust director is a resident of, the designated jurisdiction; or

(3) all or part of the administration occurs in the designated jurisdiction.

History: Laws 2018, ch. 63, § 3.

Effective dates. — Laws 2018, ch. 63, § 25 makes Laws 2018, ch. 63, § 3 effective January 1, 2019.

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Section 46-14-2 - Definitions.
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Section 46-14-4 - Common law and principles of equity.