New Mexico Statutes
§ 45-7-520 — Applicable law
A.The Uniform Custodial Trust Act [45-7-501 to 45-7-522 NMSA 1978] applies to a transfer or declaration creating a custodial trust that refers to that act if, at the time of the transfer or declaration, the transferor, beneficiary or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this state. The custodial trust remains subject to that act despite a later change in residence or principal place of business of the transferor, beneficiary or custodial trustee, or removal of the custodial trust property from this state.
B.A transfer made pursuant to an act of another state substantially similar to the Uniform Custodial Trust Act is governed by the law of that state and may be enforced in this state.
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New Mexico § 45-7-520 (Applicable law) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
1978 Comp., § 45-7-520, enacted by Laws 1992, ch. 66, § 67.
Nearby Sections
15
§ 45-1-101
Short title§ 45-1-102
Rule of construction; purposes of act§ 45-1-104
Severability§ 45-1-106
Effect of fraud and evasion§ 45-1-107
Evidence of death or status§ 45-1-108
Acts by holder of general power§ 45-1-109
Security interests not affected§ 45-1-201
Definitions§ 45-1-301
Application§ 45-1-302.1
Concurrent jurisdiction§ 45-1-303
Venue; multiple proceedings; transfer