New Mexico § 45-7-505 Form and effect of receipt and acceptance by custodial

New Mexico Statutes

§ 45-7-505 — Form and effect of receipt and acceptance by custodial

New Mexico § 45-7-505

Ch. 45Uniform Probate Code

Art. 7Trust Administration

This text of New Mexico § 45-7-505 (Form and effect of receipt and acceptance by custodial) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 45-7-505 (2026).

Text

trustee; jurisdiction.

A.Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] upon the custodial trustee's acceptance, express or implied, of the custodial trust property.

B.The custodial trustee's acceptance may be evidenced by writing stating in substance: "CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE I, __________ (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for __________ (name of beneficiary) under the Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Uniform Custodi

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trustee; jurisdiction. A. Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under the Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] upon the custodial trustee's acceptance, express or implied, of the custodial trust property. B. The custodial trustee's acceptance may be evidenced by writing stating in substance: "CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE I, __________ (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for __________ (name of beneficiary) under the Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is or becomes incapacitated. The custodial trust property consists of __________. (Dated:)________________________________________ ___________________________________________________________________ _____ ". (Signature of Custodial Trustee) C. Upon accepting custodial trust property, a person designated as custodial trustee under the Uniform Custodial Trust Act is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.