LegalFix
Sign In

Section 46A-7-709 - Reimbursement of expenses.

NM Stat § 46A-7-709 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

A. A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:

(1) expenses that were properly incurred in the administration of the trust; and

(2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.

B. An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.

History: Laws 2003, ch. 122, § 7-709.

Effective dates. — Laws 2003, ch. 122, § 11-1106 made the act effective July 1, 2003.

Previous Section
Section 46A-7-708 - Compensation of trustee.
No more sections