New Mexico § 45-7-515 Expenses, compensation and bond of custodial trustee

New Mexico Statutes

§ 45-7-515 — Expenses, compensation and bond of custodial trustee

New Mexico § 45-7-515

Ch. 45Uniform Probate Code

Art. 7Trust Administration

This text of New Mexico § 45-7-515 (Expenses, compensation and bond of custodial trustee) 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. § 45-7-515 (2026).

Text

Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee: A. is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services; B. has a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and C. need not furnish a bond or other security for the faithful performance of fiduciary duties.

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Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee: A. is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services; B. has a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and C. need not furnish a bond or other security for the faithful performance of fiduciary duties.